888 Holdings launches $75 million term loan B at 85 OID

By Sara Rosenberg

New York, Dec. 7 – 888 Holdings plc (888 Acquisitions Ltd.) launched on Wednesday morning a fungible $75 million add-on covenant-lite term loan B due July 2028 (B1/B/BB+) with an original issue discount of 85, according to a market source.

Pricing on the add-on term loan is SOFR+10 basis points CSA plus 525 bps with a 0.5% floor, in line with existing term loan B pricing.

Call protection on the add-on term loan is the same as the existing term loan B and amortization is 1% per annum, the source said.

Morgan Stanley Senior Funding Inc., JPMorgan Chase Bank and Barclays are the bookrunners on the deal. JPMorgan is the administrative agent.

Commitments were due at noon ET on Wednesday and the add-on term loan priced in the afternoon in line with launch terms, the source added.

Proceeds will be used to help refinance a £347 million term loan A drawn to redeem a portion of the William Hill Ltd. 2026 bonds.

Closing is expected on Dec. 14.

888 is an online betting and gaming company.

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