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JPMorgan Is Among Banks Trying to Offload $417 Million of Debt for Betting Company 888

  • Lenders are selling as much as £347 million to investors
  • Debt was part of financing for 888’s buyout of William Hill
A worker highlights non-racers in newspaper racing guide at a William Hill bookmakers in London.

A worker highlights non-racers in newspaper racing guide at a William Hill bookmakers in London.

Photographer: Simon Dawson/Bloomberg

Banks including JPMorgan Chase & Co and Morgan Stanley are set to return to markets to offload debt to betting company 888 Holdings Plc.

The lenders will seek to market £347 million ($417 million) of debt used to fund 888’s acquisition of William Hill International, said a person familiar with the matter, who asked not to be identified because they aren’t authorized to speak about it. The banks had originally kept that amount on their balance sheets as a so-called delayed-draw term loan A. That has now been drawn, and the banks are looking to transfer the risk to investors.