888 ups two-part add-on notes to €332 million, launches rich to guidance; pricing Wednesday

By Paul A. Harris

Portland, Ore., Dec. 7 – 888 Holdings plc launched an upsized €332 million of 888 Acquisitions Ltd. (B1/B/BB+) secured notes in two add-on tranches, according to market sources.

A €182 million tap of the of the 7.558% senior secured notes due July 15, 2027 launched at 84.5, at the rich end of the 83.5 to 84.5 guidance.

A €150 million tap of the three-month Euribor plus 550 basis points floating-rate senior secured notes due July 15, 2028 launched at 87, in the middle of the 86.5 to 87.5 guidance. There is no Euribor floor.

The size of the deal, across both tranches, increased from €200 million.

Final terms are expected to print later on Wednesday.

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.

In addition to the upsized notes offering, 888 Acquisitions also launched a $75 million add-on to its SOFR+CSA plus 550 basis points term loan B due July 2028 (B1/B) on Wednesday. Loan commitments were due later on Wednesday.

Proceeds will be used to partially refinance the existing £347 million term loan A drawn to redeem a portion of the William Hill Ltd. 2026 bonds.

888 acquired William Hill's non-US assets from Caesars for £1.95 billion in a transaction that closed on July 1, 2022.

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