01—Abstract
Summary
Summary of the 8-K filed April 17, 2024. Cited figures are marked; the original filing is the authoritative source.
Flutter Entertainment plc announced on April 17, 2024 the pricing of two senior secured note offerings issued by its subsidiary Flutter Treasury DAC: $525 milliona aggregate principal amount of 6.375% senior secured notes due 2029 (USD Notes) and €500 million aggregate principal amount of 5.000% senior secured notes due 2029 (EUR Notes).
Both are being issued at 100%b of their nominal value. Settlement is expected on or around April 29, 2024, subject to customary closing conditions, and an application will be made for the notes to be admitted to trading on The International Stock Exchange Authority Limited. According to the press release attached as Exhibit 99.1, 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.
The offering is being made only to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S, and the notes have not been registered under the Securities Act. For investors, the filing is primarily a financing and debt refinancing disclosure: the new notes are being used to repay existing bank borrowings, and the filing itself does not discuss operating results or other financial metrics.
02—Key points
Key Highlights
- Flutter Treasury DAC, a subsidiary of Flutter Entertainment plc, priced $525 million of 6.375% senior secured notes due 2029 (USD Notes).
- Flutter Treasury DAC also priced €500 million of 5.000% senior secured notes due 2029 (EUR Notes).
- Both note issues are being sold at 100% of their nominal value.
- Proceeds are intended to repay borrowings under the existing syndicated facility agreement dated July 10, 2018 and the existing multi-currency revolving credit facility, plus offering costs.
- Settlement is expected on or around April 29, 2024, subject to customary closing conditions.
- Application will be made for the notes to be admitted to trading on The International Stock Exchange Authority Limited.
- The notes are offered only to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S, and have not been registered under the Securities Act.
03—Questions
Frequently Asked Questions
What securities were priced in this offering?
Flutter Treasury DAC priced $525 million aggregate principal amount of 6.375% senior secured notes due 2029 denominated in U.S. dollars and €500 million aggregate principal amount of 5.000% senior secured notes due 2029 denominated in euros, each issued at 100% of nominal value.
How will Flutter use the proceeds from the notes?
According to the attached 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 associated with the offering.
Who issued the notes, and who guarantees or stands behind them?
The notes are issued by Flutter Treasury DAC, a subsidiary of Flutter Entertainment plc. The filing does not describe guarantor arrangements beyond identifying the notes as senior secured.
When is the offering expected to close and where will the notes trade?
Settlement is expected to occur on or around April 29, 2024, subject to customary closing conditions. An application will be made for the notes to be admitted to trading on The International Stock Exchange Authority Limited.
Are the notes available to all investors?
No. The notes are offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and to non-U.S. investors outside the United States under Regulation S. They have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an exemption.
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