Pricing of an offering of Senior Secured Notes

888 (LSE: 888), one of the world's leading betting and gaming companies with internationally renowned brands including William Hill, 888 and Mr Green, today announces the successful pricing of an offering by 888 Acquisitions Limited (the "Issuer"), a wholly-owned subsidiary of the Company, of £400,000,000 10¾% Senior Secured Notes (the "Notes"), marking its debut issuance into the GBP debt capital markets. The Notes are expected to be issued on May 9, 2024.

Additional revolving credit facility

In addition, the Company has entered into an additional multicurrency revolving credit facility in aggregate principal amount of £50,000,000, with a maturity date of December 31, 2025 and established under the Senior Facilities Agreement (as defined below).

Use of proceeds

The Company expects to use the proceeds of the Offering to repay and permanently cancel existing indebtedness under the Euro-denominated term loan A facility (the "TLA") made available to the Issuer pursuant to a senior facilities agreement dated 29 June 2022 (as amended and restated on 19 July 2022) (the "Senior Facilities Agreement").

As part of an agreement with an initial purchaser that is a lender under the TLA, the prepayment of the TLA will be offset by certain transaction costs incurred by the Group in connection with the Offering. Additionally, the repayment amount will be further reduced to compensate the Group for the difference between future expected finance costs in respect of the TLA and the Notes.

Impact on group financing

As a result of the above refinancing actions, the Group currently expects the following impacts:

• Reduction in net debt of c.£18m on completion of funding, reflecting the discounted cash compensation received up front to cover future increased interest costs;
• Cash interest costs to increase by c.£4-5m on an annualised basis until 2028;
• Extension of the maturity of a portion of the debt with £400m now due in 2030 instead of 2028;
• An improvement in the fixed vs floating mix, particularly over the life of the Notes where the existing hedging arrangements are due to expire in late 2025; and
• An improvement in the currency mix of the debt to more closely align with the cash generation of the business.

A copy of this announcement will shortly be available at https://corporate.888.com.

Per Widerström, Chief Executive Officer Sean Wilkins, Chief Financial Officer Vaughan Lewis, Chief Strategy Officer