Gibraltar’s 888 Holdings holds investor call for €200 million two-part notes add-on

By Paul A. Harris

Portland, Ore., Dec. 5 – 888 Holdings plc took part in a conference call with fixed income investors on Monday, according to market sources.

The Gibraltar-based gaming company plans to sell €200 million of 888 Acquisitions Ltd. (B1/B/BB+) senior secured notes by means of tapping two existing issues.

The deal is set to include an add-on to the 7.558% senior secured notes due July 15, 2027, which become callable on July 15, 2024 at 103.779.

The offering also includes an add-on to the three-month Euribor plus 550 basis points floating-rate senior secured notes due July 15, 2028, which become callable on July 15, 2023 at par.

Tranche sizes remain to be determined.

Global coordinator and joint bookrunner JPMorgan will bill and deliver. Morgan Stanley is also a global coordinator and joint bookrunner. Barclays is a joint bookrunner.

The company will use the proceeds to pay off its term loan A.

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