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by Stephen Carter
Sep 10, 2025 3:12 PM ET
888 Acquisitions Ltd (Evoke plc) (GAMHOL) EUR600m (from EUR400m minimum) 144A/Reg S sr sec notes due 09/30//31 (6y). NC2 (10/15/27) (MWC B+50bp), then at 104.00 10/15/27, 102.00 10/15/28, 100 10/15/29. Equity claw: 2y 40% at 108.00. Special call: 10% per year the first 2 years at 103. B2/B-/BB- (stable/stable/negative). Via DB (B&D)/Jeff/JPM jt glocos and physical books/Barc/NatWest jt books. List ISE. NY Law. Pays April 15 and Oct 15, starting 04/15/26. Denoms: 100kx1k. Settles 09/24 (T+10). Reg S ISIN: XS3183180937. IPT: mid-to-high 8s. Price talk: 8.25%-8.50%. Revised price talk: 8.00%-8.25%.
Priced: 8.00% at 100. +572bp vs DBR 0% 08/15/31.
Dropped (originally GBP516m equivalent 2-part): GBP TBD add-on to its 10.75% sr sec notes due 05/15/30 (4.75y). NC0.75 (05/15/26) (MWC G+50bp), then at 105.375, 102.688, 100. Equity claw: 0.75y 40% at 110.75. Special call: 10% per year the first 0.75 years at 103.00. Via DB/Jeff (B&D)/JPM jt glocos and physical bookks/Barc/Natwest jt books. Permanent Reg S ISIN: XS2498544415 XS2817891984. Immediately 144A fungible (Reg S after 40 days) with the original GBP400m issue priced 05/02/24. IPT: 100.00-100.50. Price talk: 100.50-101.00.
Roadshow (small group meetings) 09/08-10 (investor call at 2:30m UKT 09/08). Books close at 3:30pm (from 2pm) UKT 09/10. Pricing 09/10 UK afternoon. UOP: refinance its EUR582m (GBP499m equiv) 7.558% sr sec note due 07/15/27 (callable at 101.890) (also new GBP200m revolver, GBP71m drawn). Biz: 888 is a sub on Evoke plc, and along with William Hill, is a leading online betting and gaming company. HQ: London, UK.
NetRoadshow link: https://www.netroadshow.com/events/login/LE9zwo4Apg73hlnGsqRj40Z8trMEuPw7TYw.