Entain launches $926 million bond offer to refinance existing debt

Entain Plc said on Monday it will launch a bond offering worth the equivalent of €800 million ($926 million) to refinance part of its existing euro-denominated debt as part of a broader effort to strengthen its balance sheet and improve profitability.

The new issue will comprise fixed-rate senior secured notes, denominated in euros and/or sterling, due in 2031. Entain said the notes will carry the same security rights as its existing Term Loan B facilities.

Proceeds from the issue will be used to repay outstanding amounts under the group’s euro-denominated Term Loan B, with the company stressing that the refinancing will not raise its total debt, currently around  €3.9 billion.

The company said the funds would help extend debt maturities, lower interest costs, and broaden financing sources to support a more stable long-term structure.

The final terms, including the principal amount, currency mix, interest rate, and pricing, will be determined at the time of issue, depending on market conditions. Entain said it will provide an update once the deal is completed.

The move forms part of Entain’s ongoing financial restructuring programme, following a series of debt maturities and refinancing actions carried out across 2024 and 2025, as the company seeks to improve cash flow flexibility and reduce interest expenses.

Entain, which operates major gaming brands including Ladbrokes, Coral, bwin, STS Poland and SuperSport, said the bond issue reflects its “disciplined financial management” and focus on long-term stability.

The group remains a UK tax-resident and operates exclusively in regulated or regulating markets across more than 30 jurisdictions. It also highlighted its ESG credentials, including an AAA rating from MSCI and inclusion in the FTSE4Good and Dow Jones Sustainability indices.

In October, Entain reaffirmed its full-year 2025 guidance after a strong third quarter that saw a 15% increase in UK online revenue, although growth in its Ladbrokes Coral retail network slowed.

Despite potential tax increases expected from the UK government later this month, the company maintained confidence in returning to profitability in 2025 under CEO Stella David, following statutory losses of £890 million ($1.16 billion) in 2023 and £450 million ($590 million) in 2024.