Entain Announces €800 Million Bond Offering

Entain Plc will launch a new bond offering worth the equivalent of €800 million as it continues to reshape its debt profile and improve its long-term financial position. The company said the move supports broader efforts to cut interest costs, extend maturities, and create more stability across the balance sheet.

Good to Know

• Entain plans to refinance part of its euro Term Loan B
• Total debt remains around €3.9 billion
• Notes will be senior secured and due in 2031

The new financing will take the form of fixed-rate senior secured notes, issued in euros and/or sterling, and aligned with the security package used for the group’s Term Loan B. Final terms such as size, pricing, and interest rate will be set at launch, depending on market conditions.

Proceeds Will Replace Existing Euro Debt

Entain said funds from the issue will repay outstanding amounts on its euro-denominated Term Loan B. The group stressed the refinancing will not increase overall debt levels but will extend maturities and diversify funding sources. Management expects the structure to help lower future interest costs while giving the company more flexibility in its financial planning.

The announcement continues a series of refinancing steps carried out across 2024 and 2025. The company has been working to create a more efficient capital structure after navigating several near-term maturities over the past two years.

Focus On Stability And Operational Strength

Entain described the deal as part of a disciplined financial approach aimed at long-term resilience. The company operates major brands including Ladbrokes, Coral, bwin, STS Poland and SuperSport. It remains a UK tax resident and active only in regulated or regulating markets spanning more than 30 jurisdictions.

The group also highlighted its ESG standing, noting an AAA rating from MSCI and inclusion in both FTSE4Good and the Dow Jones Sustainability indices.

Recent Trading Performance Supports Outlook

In October, Entain reaffirmed its full-year 2025 guidance after reporting a strong third quarter. UK online revenue grew 15 percent, although retail performance for the Ladbrokes Coral estate slowed. Leadership still expects profitability to return in 2025 under CEO Stella David, even as the UK government prepares potential tax increases later in the year.

Statutory losses reached £890 million in 2023 and £450 million in 2024, but the company maintains confidence that its restructuring progress and new financing plans will support a more stable path forward.

FAQ

What is the size of Entain’s planned bond issue?

The company plans to raise the equivalent of €800 million.

Will total debt increase?

No. Entain said overall debt will remain around €3.9 billion.

What is the purpose of the new notes?

To refinance part of the euro Term Loan B, extend maturities, and reduce interest costs.

When are the notes due?

The new senior secured notes mature in 2031.

How did Entain perform recently?

Q3 delivered strong UK online growth, and the company reaffirmed its 2025 guidance despite slowing retail performance.

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