Houlihan Lokey Advises Entain

Houlihan Lokey is pleased to announce that Entain PLC has successfully signed a new five-year £590 million revolving credit facility (RCF), replacing the company’s existing facility maturing in March 2023. In parallel, the company issued a $1,125 million Term Loan B in USD to refinance its existing $774 million USD first-lien Term Loan B and provide additional funds of $351 million (c. £250 million) to support corporate development and M&A. Houlihan Lokey served as exclusive financial advisor to Entain on the transaction, the third assignment to be successfully completed for the Company. Morgan Stanley was “Lead Left” on the term loans.

Entain is one of the world’s largest sports betting and gaming groups operating in the online and retail sector. In December 2020, the company rebranded the group from GVC Holdings. Entain is licensed and operates in more than 20 countries and across five continents around the globe. In spite of the challenges presented by COVID-19, the company performed strongly, with net gaming revenue flat at £3.6 billion and EBITDA up 11% at £843 million in FY 2020. Net leverage was at c. 2.1x at year end December 2020. The positive trajectory against the backdrop of the pandemic is expected to continue with FY 2021 EBITDA guidance of £850 million–£900 million.