By Kyle Morris

 

888 Holdings PLC said Thursday that it intends to issue 1.02 billion pounds ($1.25 billion) in notes and borrow up to GBP909 million to fund its deal for the international business of William Hill.

The online betting and gaming company said it will market GBP1.02 billion in senior secured indebtedness, comprising a U.S. dollar-denominated term loan B facility maturing in 2028, a euro-denominated senior secured fixed rate note due 2027 and a euro-denominated senior secured floating rate note due 2028.

Furthermore, it will enter a GBP401 million euro-denominated term loan facility and a GBP358 million pound-denominated term loan facility, each maturing in 2028. It also expects to enter into a GBP150 million multicurrency revolving credit facility.

888 has agreed to buy William Hill's international business from Caesars Entertainment, Inc. for a revised GBP1.95 billion-GBP2.05 billion, from the original stated amount of GBP2.2 billion.

Shares in 888 at 0711 GMT were down 10.00 pence, or 5.7%, at 165.30 pence.

 

Write to Kyle Morris at kyle.morris@dowjones.com

 

(END) Dow Jones Newswires

June 23, 2022 03:56 ET (07:56 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
888 (LSE:888)
Historical Stock Chart
From May 2022 to Jun 2022 Click Here for more 888 Charts.
888 (LSE:888)
Historical Stock Chart
From Jun 2021 to Jun 2022 Click Here for more 888 Charts.