(Alliance News) - 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 GBP400.0 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 GBP50.0 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 GBP18 million on completion.

It also expects cash interest cost to increase by about GBP4 million to GBP5 million on an annualised basis until 2028.

Shares in 888 closed up 2.7% at 86.00 pence in London on Thursday.

By Sophie Rose, Alliance News senior reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.