Flutter Investor Day Presentation Deck
H2 2021 refinancing strengthens debt position
£'m, leverage ratio
Gross debt
Cash (excl. customer balances)
Net debt
LTM pro forma Adjusted EBITDA
Leverage ratio
Borrowing2
TLA (GBP)
TLB (USD)
TLB (EUR)
Senior Notes³
TLA (GBP)
TLB (USD)
TLB (EUR)
Senior Notes ³
Flutter
Principal
30 June 2021
3,316
634
2,682
1,145
2.34x
£950m
$2,938m
€507m
Nil
Debt structure at 30 June
Refinancing
289
250
39
Interest rate
£950m
GBP LIBOR +175bps
$1,438m
€507m
USD LIBOR +350bps, 0% Floor
EURIBOR +375bps, 0% Floor
$1,000m
Coupon 7%
Debt structure pro forma for refinancing
GBP LIBOR +175bps
USD LIBOR +225bps, 0% Floor
EURIBOR +250bps, 0% Floor
Pro forma for
refinancing
3,604
884
2,721
1,145
2.38x
Maturity
2025
2025
2025
2026
2025
2026
2026
Leverage 2.3x at 30 June 2021
Significant liquidity; cash available of
£634m and undrawn RCF of £435m¹
Material covenant headroom; earliest debt
maturity 2025
July refinancing upsized USD TLB by $1.5bn
to repay most expensive debt, USD and EUR
TLB repriced to attractive levels
Weighted average cost of debt reduced
from 4.2% to 2.5% with annualised
interest savings of c.£50m
Additional cash liquidity added of c.£250m
Credit ratings reaffirmed at Ba1/BB+/BBB-4
stable outlook
¹ Total balance of £450m; £15m sub-limit assigned to guarantee facility; available balance of £435m.
2 USD Notes are swapped into EUR and the USD TLB is swapped into GBP and EUR.
3 Due July 2026. Repaid shortly after first call date on 21 July 2021 at a price equal to 103.5% of the principal amount of the notes.
4 Moody's/S&P/Fitch - all ratings at Stable outlook after Fitch outlook improvement.
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