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William Hill’s 4¾% notes due 2026 are putable on change of control
Chicago, July 29 – William Hill Ltd. published a change of control notice for its £350 million 4¾% guaranteed notes due 2026 (ISIN: XS1989833816) in an announcement on Friday.
Noteholders may require the issuer to redeem their notes on the put date, Sept. 22.
The cash purchase price is 101, plus accrued interest to the put date.
The put event is a result of the acquisition of 888 Holdings plc of the entire issued share capital of the issuer’s shareholder, William Hill Cayman Holdings Ltd. from Caesars Entertainment Inc. becoming effective. An additional feature of the covenants of the notes stipulated that a change-of-control offer would be necessary if the notes did not have an investment-grade rating from at least two of the rating agencies at the time of the change of control.
Noteholders who wish to have their notes purchased should notify the principal paying agent, Citibank, NA, London Branch (+353 1 622 0866, ppapayments@citi.com), by Sept. 15.
Any change of control put notice, once given, will be irrevocable.
The issuer is a London-based bookmaking operation.
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