{"id":317542,"date":"2024-04-16T16:39:13","date_gmt":"2024-04-16T21:39:13","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=317542"},"modified":"2024-04-17T10:12:12","modified_gmt":"2024-04-17T15:12:12","slug":"flutter-selling-1-05-billion-in-new-debt","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/flutter-selling-1-05-billion-in-new-debt\/","title":{"rendered":"Flutter Selling $1.05B in Debt with BBB- Rating"},"content":{"rendered":"

Flutter Entertainment (NYSE: FLUT), the parent company of FanDuel, said Tueaday it’s selling $1.05 in senior secured notes maturing in 2029.<\/p>\n

\"Flutter
The Flutter logo as seen in an investor deck. The company announced a $1.05 billion debt sale on Tuesday. (Image: Flutter Entertainment)<\/figcaption><\/figure>\n

The proceeds of the debt sale, which includes dollar- and euro-denominated bonds, will be used to repay borrowings under a credit facility attained in July 2018, and \u201cto repay borrowings under the existing multi-currency revolving credit facility,\u201d according to the Dublin-based gaming company.<\/p>\n

\n

The announcement marks Flutter\u2019s first debt sale since the company listed its shares on the New York Stock Exchange (NYSE) in January — a move aimed at bolstering exposure to a broader swath of investors and increasing the company\u2019s ability to access capital markets.<\/p>\n<\/div>\n

Flutter\u2019s primary listing is on the London Stock Exchange (LSE), but the company plans to ask investors at its annual meeting next month to shift the primary listing<\/a> to the NYSE.<\/p>\n

Flutter Debt Outlook Upped to Positive<\/h2>\n

In a report out on Tuesday, S&P Global Ratings applied a rating of \u201cBBB-\u201c to the new Flutter debt sale while affirming the gaming company\u2019s credit grade at \u201cBB+.\u201d The research firm also upgraded its outlook on the operator\u2019s credit profile to \u201cpositive\u201d from \u201cstable.\u201d<\/p>\n

The positive outlook indicates that we could raise the rating if Flutter continues to demonstrate sound operating performance spurred by the significant growth expectation in its U.S. business, with credit metrics strengthening toward 3.0x S&P Global Ratings-adjusted leverage and robust free operating cash flow (FOCF) generation, while maintaining a consistent financial policy supportive of the stronger performance and credit ratios,\u201d noted S&P.<\/p><\/blockquote>\n

Flutter owns 95% of FanDuel, which is the largest online sportsbook operator in the US. The company\u2019s US exposure is an increasingly prominent part of its overall profitability and represents its fastest-growing segment, underscoring the pertinence of FanDuel<\/a> in the broader Flutter investment thesis.<\/p>\n

\u201cFlutter estimates that the U.S. addressable sports betting and iGaming market will increase to more than $40 billion by 2030 from $9 billion in 2022. Flutter has a leading market position in the U.S. with 53.4% of the online sport betting market share (on a net revenue basis) and 26% of the iGaming market as of the fourth quarter of 2023, which translates into potentially substantial additional revenue and earnings in the short-to-medium term,\u201d added S&P.<\/p>\n

Flutter Can Service Debt on Strong Free Cash Generation<\/h2>\n

It\u2019s possible that Flutter can land an upgrade to its junk credit rating if it continues notching impressive FOCF generation in the US while keeping leverage in the 3x to 3.5x range. Free cash flow<\/a> is a quality metric and one indicative of a corporation\u2019s ability to tend to its debt obligations.<\/p>\n

S&P views Flutter as being on a solid FOCF path — one that could lead to improved credit metrics going forward.<\/strong><\/p>\n

\u201cWe expect Flutter’s projected profit growth will spur material FOCF generation in the medium term and the group will generate close to $600 million-$700 million in 2024 and about $1.0 billion-$1.2 billion in 2025,\u201d concluded the research firm.<\/p>\n","protected":false},"excerpt":{"rendered":"

Flutter Entertainment (NYSE: FLUT), the parent company of FanDuel, said Tueaday it’s selling $1.05 in senior secured notes maturing in 2029. The proceeds of the debt sale, which includes dollar- and euro-denominated bonds, will be used to repay borrowings under a credit facility attained in July 2018, and \u201cto repay borrowings under the existing multi-currency […]<\/p>\n","protected":false},"author":46,"featured_media":259752,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810,1074],"tags":[81903,81898,80968],"acf":[],"yoast_head":"\nFlutter Selling $1.05 Billion In New Debt<\/title>\n<meta name=\"description\" content=\"Flutter Selling $1.05B in Debt with BBB- Rating.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/flutter-selling-1-05-billion-in-new-debt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Flutter Selling $1.05 Billion In New Debt\" \/>\n<meta property=\"og:description\" content=\"Flutter Selling $1.05B in Debt with BBB- Rating.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/flutter-selling-1-05-billion-in-new-debt\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-16T21:39:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-17T15:12:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/flutter.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"738\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/flutter-selling-1-05-billion-in-new-debt\/\",\"url\":\"https:\/\/www.casino.org\/news\/flutter-selling-1-05-billion-in-new-debt\/\",\"name\":\"Flutter Selling $1.05 Billion In New Debt\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/flutter-selling-1-05-billion-in-new-debt\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/flutter-selling-1-05-billion-in-new-debt\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/flutter.jpg\",\"datePublished\":\"2024-04-16T21:39:13+00:00\",\"dateModified\":\"2024-04-17T15:12:12+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Flutter Selling $1.05B in Debt with BBB- Rating.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/flutter-selling-1-05-billion-in-new-debt\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/flutter-selling-1-05-billion-in-new-debt\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/flutter-selling-1-05-billion-in-new-debt\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/flutter.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/flutter.jpg\",\"width\":1200,\"height\":738,\"caption\":\"The Flutter logo as seen in an investor deck. 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