E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 6/27/2022 in the Prospect News Bank Loan Daily and Prospect News High Yield Daily.

S&P rates 888, loans, notes B

S&P said it preliminarily gave B ratings to 888 Holdings plc and its planned term loans and fixed- and floating-rates notes.

888 Holdings is acquiring William Hill Ltd. from current parent Caesars Entertainment Inc. in a reverse takeover. The deal is expected to close in early July.

“As such, 888 intends to acquire the non-U.S. operations of William Hill via a reverse takeover. This includes the group's U.K. betting shops, U.K. online operations, and international online business, including the Mr. Green brand. 888, which is currently debt-free, is paying £1.95 billion-equivalent enterprise value, excluding contingent consideration, and funding the majority of this with total proposed debt of £1.78 billion. The group launched the proposed financing transaction publicly on June 23, 2022,” S&P said in a press release.

“888 has a public financial policy of 3x company reported debt to EBITDA in the medium term. The group has reported total net debt to EBITDA, including leases, of 4.3x based on February 2022 last-12-months pro forma combined EBITDA and closing capital structure. S&P Global Ratings forecasts, based on full-year 2022 pro forma, that adjusted debt to EBITDA, including S&P Global Ratings' adjustments and sensitivity, of 6.5x–7x. The group has suspended payment of any dividends until it has reached its financial policy target and has access to equity capital markets,” the agency added.

The outlook is stable.


© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.