Simpson Thacher represented Flutter Treasury DAC, a wholly owned indirect subsidiary of Flutter Entertainment plc, in connection with a Rule 144A and Regulation S offering of $525 million in aggregate principal amount of 6.375% Senior Secured Notes due 2029 and €500 million in aggregate principal amount of 5.000% Senior Secured Notes due 2029. The offering closed on April 29, 2024.
The proceeds from the offering were used (i) to repay borrowings under the existing syndicated facility agreement dated July 10, 2018, (ii) to repay borrowings under the existing multi-currency revolving credit facility and (iii) to pay certain costs, fees and expenses in connection with the offering.
Flutter is the world’s leading online sports betting and iGaming operator, with leading positions in markets across the world, including the United States. Flutter operates a diverse portfolio of leading online sports betting and iGaming brands including FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Sisal, Tombola, Betfair, MaxBet, Junglee Games and Adjarabet.
The Simpson Thacher team included Gil Strauss, Alexander Yeagley and Julia Szinovatz (Capital Markets); Shahpur Kabraji and Charley Xu (Credit); and Michael Mann and Daisy Dai (Tax).