01—Abstract
Summary
Summary of the 8-K filed April 16, 2024. Cited figures are marked; the original filing is the authoritative source.
Flutter Entertainment plc (filed under Flutter Entertainment plc; NYSE: FLUT) reported in this Form 8-K dated April 16, 2024 that it issued a press release announcing the launch of a private offering of $1,050 milliona equivalent aggregate principal amount of senior secured notes due 2029.
The offering consists of USD-denominated notes and EUR-denominated notes, issued by its subsidiary Flutter Treasury DAC. The offering is exempt from Securities Act registration and is being made only to qualified institutional buyers under Rule 144A and to non-U.S. investors under Regulation S. According to the press release, Flutter intends to use the proceeds to repay borrowings under its existing syndicated facility agreement dated July 10, 2018, to repay borrowings under its existing multi-currency revolving credit facility, and to pay certain costs, fees and expenses related to the offering.
An application will be made for the Notes to be admitted to trading on The International Stock Exchange Authority Limited. The filing states there is no assurance the offering will be completed or, if completed, as to its final terms.
The notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption. The filing is furnished as an 8-K under Item 8.01 (Other Events), with the press release attached as Exhibit 99.1.
02—Key points
Key Highlights
- Flutter Treasury DAC, a subsidiary of Flutter Entertainment plc, launched an offering of $1,050 million equivalent aggregate principal amount of senior secured notes due 2029.
- The offering includes USD-denominated notes and EUR-denominated notes.
- Proceeds are intended to repay borrowings under the syndicated facility agreement dated July 10, 2018 and the multi-currency revolving credit facility, and to pay offering costs, fees and expenses.
- The offering is a private placement exempt from Securities Act registration, offered to qualified institutional buyers under Rule 144A and non-U.S. investors under Regulation S.
- Application will be made to admit the Notes to trading on The International Stock Exchange Authority Limited.
- The filing states there is no assurance the offering will be completed or, if completed, on what terms.
- The Notes are not intended for retail investors in the EEA or UK, and no PRIIPs key information document has been prepared.
03—Questions
Frequently Asked Questions
What is the size and structure of the offering?
The offering totals $1,050 million equivalent aggregate principal amount, split between USD-denominated senior secured notes due 2029 and EUR-denominated senior secured notes due 2029, issued by Flutter Treasury DAC.
What will Flutter do with the proceeds?
Flutter intends to use the proceeds to repay borrowings under its existing syndicated facility agreement dated July 10, 2018, repay borrowings under its existing multi-currency revolving credit facility, and pay certain costs, fees and expenses related to the offering.
Are the notes registered with the SEC?
No. The notes have not been registered under the Securities Act and are being offered in a private offering exempt from registration, only to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S.
Is the offering guaranteed to close?
No. The press release states there is no assurance the offering will be completed or, if completed, as to the terms on which it is completed, and the offering is subject to prevailing market and other conditions.
Where will the notes trade?
An application will be made for the Notes to be admitted to trading on The International Stock Exchange Authority Limited.
04—Continue