888 lines up £400 million dual-tranche, two-currency notes offering

Chicago, April 30 – 888 Acquisitions Ltd. is in the market with a £400 million equivalent two-tranche offering of senior secured notes (B1/B/BB-), according to a market source.

A global investor call was scheduled for Tuesday.

The company is planning to sell a minimum of £300 million of six-year notes, a new issue with talk in the 11% area.

The new notes will have call protection for two years and then will be callable at par plus half the coupon, then 25% and later subject to a potential par call.

The deal also includes a fungible tap of floating-rate notes due July 15, 2028.

The floaters have interest based on Euribor plus 550 basis points with a 0% floor. The discount is being talked at 97.

The floaters would be fungible after 40 days.

JPMorgan is handling billing and delivery for the Regulation S deal and is also listed as the global coordinator and the sole physical bookrunner.

Mediobanca is a joint global coordinator and a joint bookrunner.

Proceeds will be applied to refinance an existing euro-denominated term loan A.

888 is an online betting and gaming company.

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