Redemption: 2023-07-15; Registration: Reg S Only;
Redemption: 2024-07-15; Registration: Reg S Only;
Deal Comments
12/07/2022 888 Acquisitions Limited (888 Holdings plc)
(GAMHOL) EUR332m (up from EUR200m) Reg S only add-on to its sr sec notes 2-part. B1/B/BB+ (positive/negative/negative). Via JPM (B&D)/MS jt physical books/jt glocos/Barclays jt books. No reg rights. List ISE. NY law. Settles 12/14 (T+5).
- EUR150m add-on to its FRN due 07/15/28 (5.5y). NC0.5 (07/15/23) (MWC B+50bp) then at 100. Floats/pays quarterly (short 1st coupon 01/15/23), 3mE+550bp (0% floor). Temporary Reg S ISIN: XS256631784 (permanent: XS2498546204). IPT: 86.50-87.50 OID. Px talk: 87 OID (unchanged). Final terms: EUR150m 3mE+550bp at 87.00. Priced:3mE+550bp (0% floor) at 87.00.
- EUR182m add-on to its 7.558% fixed rate notes due 07/15/27 (4.5y). NC1.5 (07/15/24) (MWC B+50bp), then at 103.779, 101.890, 100. Equity call: 1.5y 40% at 107.558. Semi pay, short 1st coupon 01/15/23. Temporary Reg S ISIN: XS2566349887 (permanent: XS2498543102). IPT: 83.50-84.50 OID. Px talk: 84 OID (unchanged). Final terms: EUR182m 7.558% at 84.50. Priced: 7.558% at 84.50, yield 12.061%. +1,022bp vs DR 6.50% 07/04/27.
The original EUR300m FRN issue priced 07/08/22 and the original EUR400m fixed-rate issue priced 07/08/22, the new notes will be issued with temporary ISINs and Common Codes and will become fungible once seasoned after 40 days. Virtual roadshow 12/05-07 (investor call at 2:15pm UKT 12/05). Books closed at 2pm UKT 12/07. Reconfirms were due by 3:30pm UKT 12/07. UOP: along with US$75m add-on to its term loan B to refinance in full the GBP347m Term Loan A drawn that was drawn in July to redeem a portion of the William Hill Ltd 2026 bonds (EUR135m upsize and US$75m TLB add-on to repay in full its GBP347m term loan A). Biz: 888, along with William Hill, is a leading online betting and gaming company. HQ: Gibraltar.