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888 Holdings to market term loan and euro-denominated notes
By Marisa Wong
Los Angeles, June 23 – 888 Holdings plc announced it intends to market, through wholly owned subsidiaries 888 Acquisitions Ltd. and 888 Acquisitions LLC, £1,017,000,000 equivalent aggregate principal amount of senior secured debt.
The debt will consist of a dollar-denominated term loan B facility maturing in 2028, euro-denominated senior secured fixed-rate notes due 2027 and euro-denominated senior secured floating-rate notes due 2028, according to a press release.
In addition, 888 Acquisitions Ltd. expects to enter into a £401 million equivalent euro-denominated term loan A facility and a £358 million sterling-denominated term loan A facility, each maturing in 2028 and initially to be held and funded by one or more of the underwriters.
888 Acquisitions Ltd. also expects to enter into a £150 million multicurrency revolving credit facility maturing in 2028. The revolver is expected to be undrawn on the issue date.
888 Holdings expects to use proceeds from the notes offering, together with borrowings under the senior facilities and existing cash reserves, to finance or refinance the purchase price for its proposed acquisition of the international (non-U.S.) business of William Hill; the repayment of some existing indebtedness of the William Hill business; the payment of fees and expenses in connection with the transactions; and with respect to the revolver, the service of ongoing working capital needs.
The company said it reserves the right to determine whether to proceed with the senior facilities and the notes offering based on market and other conditions.
888 is an online betting and gaming company with headquarters in Gibraltar.
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