By Paul A. Harris
Portland, Ore., Dec. 7 – 888 Holdings plc priced an upsized €332 million amount of 888 Acquisitions Ltd. secured notes in two add-on tranches (B1/B/BB+) on Wednesday, according to market sources.
A €182 million tap of the 7.558% senior secured notes due July 15, 2027 priced at 84.5 to yield 12.061%.
The issue price came at the rich end of the 83.5 to 84.5 price talk.
A €150 million tap of the three-month Euribor plus 550 basis points floating-rate senior secured notes due July 15, 2028 priced at 87, in the middle of the 86.5 to 87.5 price talk.
The size of the deal across both tranches increased from €200 million.
Global coordinator and joint bookrunner JPMorgan will bill and deliver. Morgan Stanley was also a global coordinator and joint bookrunner. Barclays was a joint bookrunner.
In addition to the upsized notes offering, 888 Acquisitions also syndicated a $75 million add-on to its SOFR plus CSA plus 550 bps term loan B due July 2028 (B1/B).
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.
| Issuer: | 888 Acquisitions Ltd.
|
| Amount: | €332 million
|
| Issue: | Senior secured notes
|
| Global coordinators: | JPMorgan (bill and deliver) and Morgan Stanley
|
| Joint bookrunners: | JPMorgan, Morgan Stanley and Barclays
|
| Trade date: | Dec. 7
|
| Settlement date: | Dec. 14
|
| Ratings: | Moody's: B1
|
| S&P: B
|
| Fitch: BB+
|
| Distribution: | Regulation S
|
|
|
| Fixed-rate notes
|
| Amount: | €182 million
|
| Issue: | Add-on to senior secured fixed-rate notes
|
| Maturity: | July 15, 2027
|
| Coupon: | 7.558%
|
| Price: | 84.5
|
| Yield: | 12.061%
|
| First call: | July 15, 2024 at 103.779
|
| Price talk: | 83.5 to 84.5
|
|
|
| Floating-rate notes
|
| Amount: | €150 million
|
| Issue: | Add-on to senior secured floating-rate notes
|
| Maturity: | July 15, 2028
|
| Coupon: | Three-month Euribor plus 550 bps
|
| Price: | 87
|
| First call: | July 15, 2023 at par
|
|
|
| Price talk: | 86.5 to 87.5
|
|
|
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