888 made official its intention to finance or refinance the purchase price for 888's proposed acquisition of William Hill's international (non-US) business.
In a press release, 888 has provided details of the steps to be followed to obtain gross income and loans under the Senior Credit Lines and existing cash reserves.
Through 888 Acquisitions Limited and 888 Acquisitions LLC, wholly owned subsidiaries of the Company, to market £1,017 million (equivalent) aggregate principal amount of senior secured indebtedness, comprising a US dollar denominated term loan B facility maturing in 2028 and (euro-denominated Senior Secured Fixed Rate.
In addition, 888 Acquisitions Limited expects to enter a Euro-denominated Term A Credit Facility of £401 million (equivalent) and a GBP-denominated Term A Loan Facility of £358 million, each due 2028, which are expected to that are initially maintained and financed by one or more of the subscribers.
888 Acquisitions Limited also expects to underwrite a £150 million multi-currency revolving credit facility, which is expected to be undrawn on the issue date, due 2028. The offering of the Notes will be an offering exempt from the registration requirements of the Securities Act of 1933.
As we initially mentioned, 888 expects to use the gross proceeds from the Offering, together with loans under the Senior Credit Lines and existing cash reserves (including net proceeds of approximately £159 million resulting from the placement of new shares by the Company in April 2022) in order to finance or refinance the purchase price for 888's proposed acquisition of William Hill's international (non-U.S.) business, payment of certain existing indebtedness of the Business WH, the payment of commissions and expenses in connection with the transactions and with respect to the revolving line of credit, the service of ongoing working capital needs.
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