IN BRIEF: Flutter prices USD1.3 billion in bonds for FanDuel stake buy

Flutter Entertainment PLC - New York-based gambling operator - Prices USD1.27 billion in senior secured notes due 2031. The offer consists of USD625 million of 5.875% notes and EUR300 million of 4.0% notes, both issued at par, and GBP250 million of 6.125% notes, issued at 100.125%. The funds will be used to buy Boyd Gaming Corp's 5% stake in FanDuel, giving Flutter 100% ownership of the US sports betting operator. Flutter is paying USD1.76 billion for Nevada-based Boyd's holding, giving FanDuel a valuation of USD31 billion. Flutter first acquired a controlling stake in FanDuel in 2018 and increased its ownership to 95% in a USD4.1 billion deal in 2020.

Current stock price: USD300.04, closed down 1.8% in New York on Thursday

12-month change: up 54%

By Tom Waite, Alliance News editor

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