Commentary & Deal Flow

888 Acquisitions Ltd (GAMHOL) GBP400m (from GBP300m minimum size on the new GBP tranche) Reg S sr sec notes due 2030 (6y). NC2 (MWC G+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103.00. B1/B/BB- (negative/negative/stable). Via JPM (B&D)/Mediobanca jt glocos and books. No reg rights. List ISE. NY law. IPT: 11% area. Px talk: 10.75%-11.00%.

Final terms: GBP400m at 10.75%.

Originally a GBP400m equivalent 2-part deal - dropped: EUR TBD (up to GBP100m equivalent) 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, 0% floor. IPT: 97. Px talk: 97.50 area (+/- 0.25pt). Did investor call at 10:30am UKT Tues. Books closed at 12:30pm UKT today Pricing today UK afternoon. UOP: GBP400m to refinance its EUR467m term loan A. Biz: 888, along with William Hill, is a leading online betting and gaming company. HQ: London, UK.