888 Holdings finalizes $500 million term loan B OID at 85

By Sara Rosenberg

New York, July 8 – 888 Holdings plc (888 Acquisitions) firmed the original issue discount on its $500 million six-year senior secured covenant-lite term loan B (B1/B/BB+) at 85, the wide end of revised talk of 85 to 86 and wider than initial talk in the range of 92 to 93, according to a market source.

Also, changes were made to the term loan documentation, the source said.

Pricing on the term loan remained at SOFR plus 10 basis points CSA plus 525 bps with a 0.5% floor.

The term loan has 101 hard call protection for one year and amortization of 1% per annum.

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

Proceeds will be used with existing cash reserves to help fund the recently completed acquisition of William Hill International.

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 and €700 million of secured notes in two tranches for the transaction.

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

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