Betting and gaming giant Entain has successfully repriced two of its existing term loans which will both fund in May.

The group has repriced its USD term loan maturing October 2029 of $1.7bn with the margin reduced by 75 basis points (bps) to 275 bps. The credit adjustment spread of 10 bps was also removed and this loan sees an additional $500m fully fungible add-on with the same revised margin of 275 bps.

Entain has also repriced its EUR term loan maturing June 2028 of €1bn with the margin reduced by 50 bps to 325 bps. This repricing sees an additional €235m fully fungible add-on with the same revised margin of 325 bps.

Both add-ons will fund in “mid-May 2024” and will both be swapped to GBP.

Of these net proceeds, Entain revealed that £300m will be used to immediately repay the bank loan borrowed in Q1 2024, with the remaining estimated £295m net proceeds, after fees, available as incremental liquidity.

“As a result of this financing, the group expects to minimise drawings under the RCF during the remainder of the financial year,” a statement from Entain said.

“The net impact of the repricing and add-on does not change the previously guided cash interest costs for the current financial year.”

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