Flutter Entertainment Secures $1 Billion in Senior Secured Notes for Debt Refinancing
Flutter has successfully priced $1 billion in senior secured notes to refinance debt and support corporate purposes, with settlement expected in June 2025.
Offering Summary
Flutter Entertainment plc has announced an offering that includes $1 billion in USD-denominated senior secured notes at a 5.875% interest rate, €550 million in EUR-denominated notes at a 4.000% rate, and £450 million in GBP-denominated notes at a 6.125% rate, all maturing in 2031. These notes will be issued at par by Flutter Treasury DAC and are expected to be admitted for trading on The International Stock Exchange, with settlement anticipated around June 4, 2025. The proceeds will be used to repay existing bridge facility debt related to the acquisition of Snaitech S.p.A., cover general corporate purposes, and address related expenses. Flutter aims to leverage its strong market position for sustainable growth in the online sports betting and iGaming sectors.
Potential Positives
- The substantial offering of $1 billion in USD-denominated senior secured notes, along with €550 million in EUR notes and £450 million in GBP notes, indicates strong investor confidence in Flutter.
- Intended uses for the proceeds include repaying debt from the Snaitech acquisition, which highlights Flutter’s commitment to debt management while expanding its portfolio.
- Admission of the notes to trading on The International Stock Exchange may enhance visibility and accessibility for institutional investors, potentially benefiting Flutter’s market standing.
- This announcement reinforces Flutter’s leadership in the online sports betting and iGaming industry, backed by a well-rounded portfolio of brands.
Potential Negatives
- The issuance of $1 billion in senior secured notes and a term loan increases Flutter’s debt, raising questions about its financial stability and ability to meet these obligations.
- Access to the offering is limited to qualified institutional buyers, potentially restricting Flutter’s investment base.
- The presence of legal disclaimers in the press release may raise concerns about risks associated with the securities, possibly deterring potential investors.
Frequently Asked Questions
What are the details of Flutter’s recent bond offering?
Flutter announced $1 billion in USD notes, €550 million in EUR notes, and £450 million in GBP notes, all due in 2031.
When is the settlement date for the bond offering?
The settlement for the bond offering is expected on or around June 4, 2025.
What will the proceeds from the bond offering be used for?
The proceeds will repay amounts due under the bridge facility and fund general corporate purposes and related costs.
Who is eligible to purchase the Notes?
The Notes will only be offered to qualified institutional buyers and non-U.S. persons outside the United States.
What are Flutter’s goals as a company?
Flutter aims to leverage its scale and innovative mindset for long-term growth while fostering a sustainable future for all stakeholders.
Disclaimer: This summary is based on a press release from GlobeNewswire. The AI model summarizing this content may have limitations. View the full release here.
$FLUT Insider Trading Activity
In the last 6 months, insiders have executed 19 trades involving $FLUT Stock, including 1 purchase and 18 sales.
Recent insider trading activity includes:
- JEREMY PETER JACKSON (CEO) made 0 purchases and 7 sales, selling 30,582 shares for approximately $7,943,078.
- AMY HOWE (CEO & President – FanDuel) made 0 purchases and 8 sales, selling 16,823 shares for about $4,317,132.
- JAMES PHILIP BISHOP (COO) sold 3,000 shares for approximately $729,600.
- NANCY DUBUC purchased 387 shares for an estimated $99,846.
- ROBERT COLDRAKE (CFO) made 0 purchases and 2 sales, selling 295 shares for about $73,625.
$FLUT Hedge Fund Activity
Recent institutional investing activity saw 301 investors increase their holdings in $FLUT Stock, while 233 reduced their positions in the last quarter.
Highlights of notable transactions include:
- VANGUARD GROUP INC removed 6,156,984 shares (-64.2%) from their portfolio in Q1 2025, valued at approximately $1,364,079,805.
- AKO CAPITAL LLP added 2,590,673 shares (+inf%) in Q1 2025, worth about $573,963,603.
- CALEDONIA (PRIVATE) INVESTMENTS PTY LTD removed 1,993,033 shares (-18.3%) valued at around $441,556,461.
- CAPITAL RESEARCH GLOBAL INVESTORS reduced their portfolio by 1,753,239 shares (-15.6%), estimated at $388,430,100.
- BANK OF AMERICA CORP /DE/ added 1,497,024 shares (+113.2%), worth approximately $331,665,667.
- BNP PARIBAS FINANCIAL MARKETS increased holdings by 1,322,016 shares (+196.5%), valued at about $292,892,644.
- BARCLAYS PLC added 1,229,737 shares (+116.6%), estimated at $272,448,232.
$FLUT Analyst Ratings
In the last several months, Wall Street analysts have actively rated $FLUT, with 5 firms issuing buy ratings and none providing sell ratings.
Recent analyst ratings include:
- UBS issued a “Buy” rating on 03/06/2025.
- Needham issued a “Buy” rating on 03/05/2025.
- Wells Fargo issued an “Overweight” rating on 03/05/2025.
- Citigroup issued an “Outperform” rating on 03/05/2025.
- BTIG issued a “Buy” rating on 02/03/2025.
$FLUT Price Targets
Various analysts have provided recent price targets for $FLUT. A median target price stands at $315.0 based on input from 5 analysts over the last 6 months.
Some recent targets include:
- An analyst from UBS established a target price of (…)
# Flutter Entertainment Prices $1 Billion in Senior Secured Notes
## Recent Analyst Target Prices
– A pricing target of **$340.0** was set by an analyst on 03/06/2025.
– Another analyst from Needham has a target of **$310.0** as of 03/05/2025.
– A target of **$315.0** was established by an analyst from Susquehanna on 03/05/2025.
– On the same day, Barclays analysts set a target of **$308.0**.
– Clark Lampen from BTIG recently issued a target price of **$323.0** on 02/03/2025.
## Financial Release
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION,
DIRECTLY OR INDIRECTLY, IN ANY JURISDICTION WHERE IT IS UNLAWFUL
TO DO SO
Flutter announces the pricing of $1,000 million aggregate principal amount of 5.875% Senior Secured Notes due 2031, €550 million aggregate principal amount of 4.000% Senior Secured Notes due 2031, and £450 million aggregate principal amount of 6.125% Senior Secured Notes due 2031
DUBLIN and TORONTO, May 23, 2025 (GLOBE NEWSWIRE) — Flutter Entertainment plc (“
Flutter
“) (NYSE:FLUT; LSE:FLTR) announced the pricing of an offering of **$1,000 million** in USD-denominated 5.875% senior secured notes due 2031, **€550 million** in EUR-denominated 4.000% senior secured notes due 2031, and **£450 million** in GBP-denominated 6.125% senior secured notes due 2031. These notes (the “
Notes
“) are issued at par by its subsidiary Flutter Treasury DAC (the “
Issuer
“). An application will be made to admit the Notes for trading on The International Stock Exchange, subject to customary closing conditions. Settlement is expected around June 4, 2025.
Additionally, Flutter has priced its new U.S. dollar-denominated term loan B facility (the “
Third Incremental TLB Facility
“).
The proceeds from the Offering and the Third Incremental TLB Facility are primarily aimed at (i) repaying all amounts due under the bridge facility, utilized partially for the acquisition of Snaitech S.p.A.; (ii) funding general corporate purposes; and (iii) covering costs and expenses related to these transactions.
## About Flutter Entertainment plc
Flutter is a global leader in online sports betting and iGaming, holding a strong market position in the U.S. and worldwide. The company’s goal is to leverage its significant industry presence and innovative approach to foster long-term growth while promoting sustainability for all stakeholders. Flutter aims to capitalize on the global competitive advantages of the Flutter Edge, which provides its brands with access to unique group-wide benefits.
With a diverse portfolio, Flutter operates prominent online brands such as FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Sisal, Snai, tombola, Betfair, MaxBet, Junglee Games, Adjarabet, and Betnacional.
For more information about Flutter, visit www.flutter.com.
## Investor Relations Contacts
Enquiries
Investor Relations:
Media Relations:
## Cautionary Statement
The Notes will be available only to qualified institutional buyers under Rule 144A and to non-U.S. persons outside the United States in accordance with Regulation S under the U.S. Securities Act of 1933. There is no guarantee that the offering will conclude successfully, or on the anticipated terms. This release does not constitute an offer for the Notes in the U.S. and has been prepared under Rule 135c of the Securities Act. The Notes have not been registered and cannot be offered in the U.S. absent registration or an exemption.
This document has been prepared based on the assumption that any offer of the Notes in any member state of the European Economic Area (EEA) will comply with the relevant regulations without the need for a prospectus. Similarly, offers in the UK will follow the UK Prospectus Regulation.
The Notes are not available for retail investors in the EEA. A retail investor is defined under the MiFID II and will not be treated as such for these transactions. Consequently, no key information document under the PRIIPs Regulation has been prepared, making it potentially unlawful to offer the Notes to retail investors in the EEA.
# Important Regulatory Notice on Notes Offering
The offering memorandum produced for the Notes is not a prospectus under the Prospectus Regulation.
Distribution Restrictions in the UK
This press release does not represent a public securities offer in the United Kingdom. It is directed solely at “qualified investors,” as defined in the UK Prospectus Regulation. Specifically, this includes (i) individuals with professional investment experience as outlined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (amended), (ii) high net worth entities as per Article 49(2)(a) to (d) of the Order, or (iii) individuals to whom distribution would be lawful. Collectively, these individuals are referred to as “Relevant Persons.”
This press release, along with the preliminary offering memorandum for the Notes, is intended solely for Relevant Persons. Non-Relevant Persons should not act on or rely upon the content of this document. Investments and associated activities are exclusively available to Relevant Persons in the UK. Any invitation, offer, or subscription to the Notes will only occur with Relevant Persons. Importantly, the contents of the preliminary offering memorandum are confidential and should not be shared with others. Anyone who is not a Relevant Person should refrain from acting on this press release or the memorandum.
Compliance with MiFID II Regulations
The Notes are available only to eligible counterparties and professional clients, in accordance with MiFID II product governance standards. There is no PRIIPs key information document (KID) prepared since these Notes are not accessible to retail investors in the EEA or the UK.
Forward-Looking Statements
This press release may contain forward-looking statements, identifiable by terms like “outlook,” “believe,” “expect,” “potential,” “may,” and similar phrases. Such statements address topics beyond historical facts, including Flutter’s current expectations regarding results, financial condition, liquidity, growth strategies, and industry dynamics.
It is important to note that forward-looking statements carry inherent risks and uncertainties. Actual outcomes for Flutter or its affiliates might differ materially from those anticipated in any forward-looking statements. Additionally, even if actual results align with previous projections, they may not always indicate future performance.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is sanctioned by the Financial Conduct Authority to function as a Primary Information Provider in the UK. Conditions for the use and distribution of this information may apply. For inquiries, contact
or visit
www.rns.com
.
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