Entain launches €800m bond offering to extend debt profile
London-listed operator aiming to reduce annual interest costs with latest move, as shares tick up slightly in morning trading
Entain has announced the launch of a bond offering of at least €800m in fixed rate senior secured notes due 2031.
The new bonds will be euro and sterling-denominated and are expected to lower the operator’s interest costs and extend its debt profile.
The Ladbrokes Coral parent company’s shares were up 2% this morning in London to 747p.
The notes are expected to be guaranteed and secured on a ‘pari passu’ basis – meaning multiple parties are treated equally – with the group’s existing credit facilities.
The term ‘senior secured’ means the notes have a high priority for repayment and are backed by specific company assets as collateral, making them a relatively safe investment.
In a statement the FTSE 100 firm said: “The offering is a leverage-neutral refinancing transaction aimed at proactively extending the group’s debt profile, reducing annual interest costs and diversifying its financing sources.
“If completed, the net proceeds of the offering are expected to be used to repay amounts outstanding under the group’s existing euro-denominated Term Loan B credit facilities.”
As of 30 June 2025, Entain’s net debt stood at £3.6bn, representing leverage of 3.1x, alongside available cash of £964m.
Earlier this year, the business successfully allocated for the repricing and extension of a $1.1bn term loan and the repricing of a $2.2bn loan.
In mid-October the operator reported a net gaming revenue (NGR) increase of 8% year-on-year for Q3, boosted by the particularly strong showing of BetMGM.
CEO Stella David said: “With Entain becoming ever stronger and BetMGM growing profitably, we are increasingly confident in delivering consistent underlying growth and generating more than £500m of annual cash from 2028.”
David has been a vocal opponent of potential UK betting tax rises in this month’s Autumn Budget, calling on the Chancellor to use “maths rather than emotion” when considering changes to duties.