Key Moments:
- Allwyn International AG finalized syndication of $1.5 billion in acquisition financing
- Deal includes a $1,000 million seven-year Term Loan B and a $500 million six-year Term Loan A
- Acquisition of approximately 62.3% of PrizePicks is expected to close in the first quarter of 2026
Acquisition Financing Structure
Allwyn International AG has completed the syndication for a total of $1.5 billion to fund its planned acquisition of PrizePicks. The financing package consists of a seven-year Term Loan B facility with a principal value of $1,000 million, underwritten by Allwyn Entertainment Financing (US) LLC, and a six-year Term Loan A facility involving a syndicate of banks, totaling $500 million.
Term Loan Details and Ranking
The new Term Loan B facility is set to accrue interest at SOFR plus 250 basis points. Both the new Term Loan A and Term Loan B facilities will rank equally with existing indebtedness of Allwyn International AG, Allwyn Entertainment Financing (UK) Plc, and Allwyn Entertainment Financing (US) LLC, as per the existing intercreditor agreement.
| Facility | Amount (USD) | Term | Interest Rate | Borrower |
|---|---|---|---|---|
| Term Loan B | 1,000 million | 7 years | SOFR + 250bps | Allwyn Entertainment Financing (US) LLC |
| Term Loan A | 500 million | 6 years | Not specified | Syndicate of banks |
Use of Proceeds and Acquisition Timeline
The funds raised, along with existing cash and previously arranged facilities, will be allocated toward the anticipated acquisition of PrizePicks and associated transactional costs. On 22 September 2025, Allwyn disclosed it had reached a definitive agreement to purchase approximately 62.3% of PrizePicks, the leading daily fantasy sports platform in North America. The initial purchase price is set at $1.6 billion, pending standard post-closing adjustments and under the assumption of zero cash and zero debt at the time of closing. Subject to regulatory notifications and approvals, the transaction is projected to close in the first quarter of 2026.
Leadership Commentary
Kenneth Morton, CFO of Allwyn, said: “I am very pleased to have successfully syndicated our largest offering to date in the USD institutional term loan B market, demonstrating continued investor support for the Allwyn credit and confidence in our outlook.
“We are looking forward to the closing of the planned PrizePicks acquisition, an exciting step in our growth strategy and expansion of our footprint in the US market.”
- Author
Daniel Williams
