StockMarketWire.com - Gambling company Flutter Entertainment said it had completed a debt re-financing transaction that would reduce its effective cost of debt and provide it with additional liquidity.

The key components of the transaction also included a repricing and upsizing of the group's existing term loan B facility by $1.5 billion (£1.1bn).

The $3 billion USD component of the facility priced at LIBOR +225 basis points (bps), 0% floor, with an up-front fee to lenders of 25 bps.

The €500m Euro component of the facility priced at EURIBOR +250 bps, 0% floor, with an up-front fee to lenders of 50 bps.

As a result of the transaction, the company estimated that the group's weighted average cash cost of debt will fall from 4.2% at 31 December 2020 to approximately 2.5%.

'Based on the group's debt position at the end of 2020, this will equate to annualised interest savings of approximately £50m per annum,' it added.




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