Entain plc has kicked off a new Entain refinancing transaction, unveiling plans to raise at least EUR 800 million through a bond sale. The move is part of the company’s effort to tidy up its balance sheet, push back debt deadlines, and save on interest payments. The new notes, which will run until 2031, are designed to give the business more financial breathing room.

• Entain’s offering will include euro- and pound-denominated senior secured notes. These bonds will sit alongside the company’s current Term Loan B facilities, offering lenders the same level of protection.   In practice, this means Entain is borrowing money from investors in two currencies, using company assets as a form of security. It’s a standard move for large firms to spread their funding risk and keep credit terms consistent.

• The company described the deal as “leverage-neutral,” meaning it won’t increase the overall debt burden. Instead, the money raised will go toward paying off an older euro loan.  Think of it like swapping an old mortgage for a new one with a lower interest rate. Entain is simply restructuring what it already owes, aiming to pay less in the long run.

• The final amount, rate, and other terms will be decided when the bonds are priced, depending on investor demand. Entain said it will release more details once the deal is wrapped up.   In other words, the company hasn’t locked in the exact details yet – these will be based on what the market is willing to offer when investors commit to buying the bonds.

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