07/08/2022 888 Acquisition Limited (Gibraltar) (888 Holdings plc) (GAMHOL) EUR700m 144A/Reg S sr sec notes 2-part. B1/B/BB+ (positive/stable/negative). Via JPM (B&D)/MS jt physical books/jt glocos/Mediobanca/Barclays jt books. No reg rights. List ISE. NY law. Settles 07/19 (T+7).
- EUR300m FRN due 07/15/28 (6y). NC1 (MWC B+50bp) then at 100. Floats/pays quarterly (0% floor). Reg S ISIN: XS2498546204. Px talk: E+550bp (0% floor) 85-86 OID. Launched: EUR300m at E+550bp (0% floor) at 85 OID. Priced: 3mE+550bp (0% floor) at 85.00.
- EUR400m fixed rate due 07/15/27 (5y). NC2 (MWC B+50bp), then at 103.779, 101.890, 100. Equity call: 2y 40% at 107.558. Special call: 10% per year the first 2 years at 103. Reg S ISIN: XS2498543102. Px talk: 11.25%-11.50% yield. Launched: EUR400m at 7.558% at 85.346 OID, yield 11.50%. Priced: 7.558% at 85.346, yield 11.50%. +1,061bp vs DBR 6.50% 07/04/27.
Books closed 5pm UKT yesterday. (Originally pricing mid/late 06/27 week, but was delayed until mid 07/04 week given the delay in posting the US TLB credit agreement, as well as the Fourth of July US holiday). UOP: along with a new $500m Term Loan B, S+CSA+525bp (CSA 10bp), 0.50% floor, 85.00 OID (vs revised price talk S+CSA+525bp (CSA 10bp), 0.50% floor, 85.00-86.00 OID; and original talk announced 06/24 as S+CSA+525bp (CSA 10bp), 0.50% floor, 92.00-93.00 OID) (both marketed concurrently and representing, in aggregate with the sr sec notes, approx. GBP1.01bn-equiv.), alongside a GBP401m-equiv. EUR Term Loan A and a GBP358m GBP Delayed-Draw Term Loan A (representing, in aggregate, approx. GBP1,776mm-equiv. total financing package), will finance the acquisition of William Hill International (comprising all operations outside the US of William Hill and Mr. Green) (GBP585m), repay certain existing indebtedness of William Hill International (GBP1.159bn and debt-like items GBP165m), pay fees & expenses (GBP154m) and fund cash on balance sheet (GBP164m) for working capital and GCP. 888 also placed GBP158.5m shares 0n 04/07/2022. The acquisition is expected to initially be financed with bridge loans. Biz: a leading online betting and gaming company. HQ: Gibraltar. (Acquisition announced 09/09/2021),