Entain PLC (LSE:ENT), the global sports betting company, has announced the price and allocation of a US$1bn first lien term loan B, maturing in October 2029, to finance its acquisition of SuperSport.
Strong demand from global credit investors meant the loan was upsized from US$750mln to US$1bn, said the company behind brands such as Foxy Bingo and Gala Casino.
The company said the loan will be used to finance the acquisition of SuperSport, the Croatian-based betting platform, in which it announced plans to buy a 75% stake in August.
Entain expects the acquisition to be completed in the fourth quarter of 2023, leading to a new venture being formed by Entain and EMMA Capital.
It said the new funds, expected by the end of October, will also be used to maximise liquidity and “provide further balance sheet flexibility”.
Specifically, it added, the acquisition of BetCity, announced in June and also expected to complete in the fourth quarter, will no longer require drawings on its revolving credit facility.