British gambling giant 888 said today it expected revenues for the half year to dip as it feels the impact of stricter gambling measures and a temporary withdrawal from the Netherlands.
Bosses said they forecast revenue to come in at £330-335m, down from revenue of $528.4m (£431.76) in the six months ended June 30 2021.
The London-listed firm said it generated revenue of £690m and adjusted core profit of £109m for the year ended on 28th February.
It came as the firm announced it will market £1.02bn of debt today alongside entering into over £750m worth of loan facilities as it looks to fill its coffers ahead of the planned acquisition of WIlliam Hill.
The firms said in a separate statement the cash would be used to finance the purchase price of the proposed acquisition of William Hill’s international business, as well as servicing of the debt and fees owed by the firm and paying fees related to the transaction.
The move came ahead of a planned acquisition of William Hill which has got the go ahead from shareholders and is expected to complete by the end of this month.
The two debt facilities consist of a £401m euro-denominated facility and a £358 million GBP-denominated term facility, each maturing in 2028, which 888 said would initially be held and funded by one or more of the underwriters.
Bosses said they also expect to enter into a £150m multicurrency revolving credit facility, which is expected to be undrawn on the issue date.