EntainThe board of directors secured a senior term loan, valued at $ 1.12 billion, to refinance the long-term debt of the company.
Gaming group FTSE100 will use the proceeds of its new loan to refinance its outstanding debt, which currently stands at $ 774 million and is due to mature on March 29, 2024.
The transaction sees Entain extend its loan maturity rates until March 29, 2027, to the price of the London Interbank Offered Rate plus 250 basis points, or 2.5%.
The outstanding $ 350 million loan will be made available to Entain in order to accelerate the development of the business, including merger and acquisition activities.
The rights carried by the loan will be maintained by the subsidiaries of Entain Holdings Gibraltar and GVC Finance SA, the transaction to be finalized by the end of July.
Ahead of releasing interim business results on August 12, Entain raised its full-year profit forecast to £ 850 million to £ 900million after better than expected first half results driven by significant growth of its sports betting verticals.
Further developments of the company saw Entain announce that it would double its investments and staff to accelerate the development of its new in-house games studio during this year.