888 Holdings, Apex Group finalize loan terms, free to trade

By Sara Rosenberg

New York, July 8 – 888 Holdings plc (888 Acquisitions) firmed the original issue discount on its term loan B at the wide end of revised guidance before breaking for trading on Friday.

888 Holdings set 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, a market source remarked.

In addition, the company made some changes to the term loan documentation, the source continued.

As before, the term loan is priced at SOFR plus 10 basis points CSA plus 525 bps with a 0.5% floor and has 101 hard call protection for one year.

Also, Apex Group Ltd. increased the size of its incremental term loan, modified the issue price and added a ticking fee, and then the debt made its way into the secondary market in the afternoon.

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