S&P rates 888 Holdings notes B

S&P said it assigned its B issue rating to the proposed £300 million fixed-rate senior secured notes due in 2030 and €117 million fungible add-on to its existing floating-rate senior secured notes due in 2028, to be issued by 888 Acquisitions Ltd., a subsidiary of betting and gaming company 888 Holdings plc (B/negative/--).

S&P assigned 3 recovery ratings to the proposed senior secured notes, indicating an expectation of meaningful recovery prospects (50%-70%; rounded estimate: 60%) for debtholders in the event of a payment default.

“We view the proposed transaction as leverage neutral because 888 intends to use the proceeds to repay the outstanding €467 million term loan A due in July 2028. Our forecast of S&P Global Ratings-adjusted debt to EBITDA of about 7.5x in 2024 is unchanged,” S&P said in a news release.

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