888 Holdings to launch $650 million facility during July 20 week

By Sara Rosenberg

New York, July 17 – 888 Holdings Ltd. plc is scheduled to hold a bank meeting at 10 a.m. ET in London on Tuesday and a bank meeting at 10 a.m. ET in New York on Wednesday to launch a $650 million-equivalent credit facility, according to a market source.

Barclays and J.P. Morgan Securities LLC are the bookrunners on the deal.

The facility consists of a $50 million five-year multi-currency revolver and a $600 million covenant-light six-year term loan, the source said.

The term loan will have U.S. dollar and euro tranches, with the expectation being that the U.S. piece will be greater than or equal to $350 million.

Proceeds will be used to help fund the acquisition of bwin.party digital entertainment plc for about £898.3 million. bwin.party shareholders will get 39.45 pence in cash and 0.404 in new 888 shares.

888 and bwin.party are Gibraltar-based online gaming companies.

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