Company News

Flutter to pay 2019 dividend in shares, suspend 2020 payout

DUBLIN, March 27 (Reuters) - Paddy Power Betfair parent Flutter Entertainment will pay its 2019 dividend in ordinary shares, shelve a pro-rated dividend in relation to its merger with Stars Group Inc (TSG) and suspend the 2020 dividend for the combined group.

The Irish betting group announced the changes in response to the coronavirus outbreak that has shut down sports fixtures around the world.

Flutter said it had also entered into new debt arrangements, contingent only on completion of the deal, comprising a term loan and revolving credit facility totalling 1.3 billion pounds ($1.6 billion) to refinance existing Flutter and TSG debt as well as providing the combined group with ongoing financial flexibility.

$1 = 0.8194 pounds Reporting by Padraic Halpin; Editing by Mark Potter