888 Holdings PLC on Thursday announced the pricing of its senior secured notes, and said it has entered a new revolving credit facility. 888 Holdings is a Gibraltar-headquartered sports betting and gambling company, which owns brands including 888casino and William Hill. 888 announced the pricing of an offering by 888 Acquisitions Ltd, its wholly owner subsidiary, of £400.0 million senior secured notes. The notes are expected to be issued on Thursday next week. In addition, 888 said it has entered into an additional multicurrency revolving credit facility of £50.0 million. The RCF has a maturity date of December 31, 2025. The company said it expects to use the proceeds of the offering to repay and permanently cancel existing indebtedness under its Euro-denominated term loan A facility. As a result of the refinancing, 888 expects a reduction in net debt of about £18 million on completion. It also expects cash interest cost to increase by about £4 million to £5 million on an annualised basis until 2028. Shares in 888 closed up 2.7% at 86.00 pence in London on Thursday. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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