@EHowl On 11 March 2020, Flutter entered into new debt arrangements, contingent only on completion of the Combination, comprising a term loan and revolving credit facility totaling £1.3bn. These facilities are available for the refinancing of existing Flutter and TSG debt as well as providing the Group with ongoing financial flexibility. The facilities include a net leverage ratio financial covenant of 5.1x when combined with TSG’s debt, and will include a material allowance for synergies when covenants are tested twice annually. The new facilities are also tightly priced at GBP LIBOR + a fixed 175bps, reflecting the prevailing debt market conditions at that date.