888 Holdings launches $500 million term loan B to investors

By Sara Rosenberg

New York, June 23 – 888 Holdings plc (888 Acquisitions) held a lender call at 11:30 a.m. ET on Thursday to launch a $500 million senior secured term loan B due 2028, according to a market source.

Morgan Stanley Senior Funding Inc., JPMorgan Chase Bank, Mediobanca and Barclays are the joint bookrunners on the deal.

Proceeds will be used with existing cash reserves to help fund the acquisition of William Hill International, comprising all operations outside the United States of William Hill and Mr. Green, from Caesars Entertainment Inc. for an enterprise value of between £1.95 billion and £2.05 billion, to repay certain existing debt at William Hill International, to pay fees and expenses, and for working capital and general corporate purposes.

The company also plans on getting a £401 million equivalent euro term loan A due 2028, a £358 million term loan A due 2028, which is expected to be initially held and funded by one or more of the underwriters, a £150 million revolving credit facility due 2028, euro senior secured fixed-rate notes due 2027 and euro senior secured floating-rate notes due 2028 for the transaction.

888 is an online betting and gaming company. William Hill International is a gaming company.

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