Online gambling operator 888 will raise € 700 million through the issuance of notes related to the acquisition of William Hill’s non-US business, despite last week’s report that banks struggled to sell their debt.
The business will provide € 400 million worth of bonds, in addition to a total principal of 7.558% due in 2027 and € 300 million in floating interest rates due in 2028.
These notes form part of a broader funding program as part of William Hill’s recent acquisition of £ 1.95 billion in non-US businesses, including revolving credit lines and fixed income.
However, there was uncertainty in these bonds. 888 issued bonds underwritten by banking giants JP Morgan and Morgan Stanley. Later, these banks intended to sell their bonds to investors, but related to a review of gambling laws that are set to have a huge impact on 888 due to their large exposure to the UK. It is said that little appetite was seen as the uncertainty continued.
The white paper, an important next step in the review, was scheduled to be completed last week, but it has gone a step further due to government changes.
888, € 700 million to repay “the amount unpaid under certain acquisition financing arrangements signed for the acquisition” of William Hill’s business, and to repay part of William Hill’s own debt. Said it will be used for.
