Commentary & Deal Flow

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. Tranche split TBD.

- 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). IPT: 86.50-87.50 OID. Px talk: 87 OID (unchanged). Final terms: EUR150m 3mE+550bp 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. IPT: 83.50-84.50 OID. Px talk: 84 OID (unchanged). Final terms: E182m 7.558% at 84.50.

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 Mon-Weds (investor call at 2:15pm UKT Mon). Books closed at 2pm UKT today. Reconfirm by 3:30pm UKT today. Pricing today UK afternoon. 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.