Commentary & Deal Flow

888 Acquisitions Ltd (GAMHOL) GBP400m equivalent (GBP/EUR) Reg S sr sec notes two-part. B1/B/BB-. Via JPM (B&D)/Mediobanca jt glocos and books.

- GBP300m minimum sr sec notes due 2030 (6y). NC2 (50%,25%,par). IPT: 11% area.

- EUR TBD add-on to its sr sec FRN due 07/15/28 (4.25y). Callable immediately at 100. Permanent ISIN: XS2498546204. Will be fungible after 30 days with the original EUR200m issue priced 07/08/22 and the EUR150m add-on priced 12/07/22. Floats/pays quarterly vs 3mE+550bp. IPT: 97.

Investor call at 10:30am UKT today. UOP: refinance EUR term loan A. Biz: 888, along with William Hill, is a leading online betting and gaming company. HQ: Gibraltar.