William Hill accepts tenders for £170.17 million 4¼% notes due 2020

By Marisa Wong

Morgantown, W.Va., April 30 – William Hill plc said holders had tendered £170,172,000 of its £375 million 4¼% guaranteed notes due 2020 as of 11 a.m. ET on April 29, the expiration of its cash tender offer that began on April 23.

William Hill has decided to accept all of the tendered notes for purchase at 103% of par plus accrued interest, according to a press release.

Settlement is expected to occur on May 1. After that, £204,828,000 principal amount of the notes will remain outstanding.

The tender offer is subject to a financing condition. The company announced it priced new sterling-denominated notes to be guaranteed by William Hill Organization Ltd. and WHG (International) Ltd. The new notes launched on Friday are expected to be priced on Wednesday.

Holders who tender existing 4¼% notes due 2020 were given preference to subscribe for the new notes.

The London-based bookmaking operation said the purpose of the offer is to proactively manage the company’s upcoming debt redemption and to extend its debt maturity profile with the planned issuance of new notes.

Barclays Bank plc (+44 20 3134 8515, attn.: liability management group, eu.lm@barclays.com), Lloyds Bank Corporate Markets plc (+44 20 7158 1726/1719, attn.: liability management, liability.management@lloydsbanking.com) and NatWest Markets plc (+44 20 7678 5282, attn.: liability management, liabilitymanagement@natwestmarkets.com) are the dealer managers.

Citibank, NA, London Branch (+44 20 7508 3867, attn.: exchange team, citiexchanges@citi.com) is the tender agent.

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