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888 Holdings changes $500 million term loan B OID talk to 85-86
By Sara Rosenberg
New York, July 6 – 888 Holdings plc (888 Acquisitions) revised the original issue discount talk on its $500 million six-year senior secured covenant-lite term loan B (B1/B/BB+) to a range of 85 to 86 from a range of 92 to 93, according to a market source.
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.
Commitments are due at 5 p.m. ET on Thursday, the source added.
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, 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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