The issuance of these senior secured notes, which are exempt from the usual US Securities Act of 1933 registration requirements, reflects 888’s strategic efforts to fortify its financial structure. Concurrently, 888 has also established a £50 million multicurrency revolving credit facility, which is due to mature at the end of 2025.
The funds acquired from these initiatives will be directed towards repaying existing liabilities under 888’s Euro-denominated Term Loan A (TLA), expected to reduce the company’s net debt by £18 million. This move is a continuation of the deleveraging strategy initiated following the nearly £2 billion acquisition of William Hill, which significantly increased 888’s debt levels.
Following a successful first quarter that saw slight revenue growth, 888 unveiled a new corporate identity, transitioning to evoke plc. This rebranding is part of a Value Creation Plan which includes precise financial targets aimed at leveraging strong cash flows for sustainable growth.
CEO Per Widerström has expressed enthusiasm regarding the company’s trajectory, emphasizing these financial strategies as essential for reducing debt and driving profitable expansion. With these preparations in place, 888 is optimistically preparing for further growth in the upcoming second quarter.
Through its recent financial and corporate initiatives, 888 demonstrates a proactive approach to strengthening its financial base and driving growth. These moves position 888 favorably to navigate the global gaming market’s challenges and seize new opportunities for expansion.
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