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International Game Technology (IGT; Ba1/BB+ CW Pos/BBB-)

CONSUMER CYCLICALS

S&P has come out adding IGT "plans to allocate at least $2 billion of this amount to debt repayment, which matches the amount of debt repayment we assumed when we placed the ratings on CreditWatch. IGT plans to allocate the remaining amount of proceeds to separation and divestiture expenses, tax leakage, shareholder returns, and general corporate purposes"

  • I.e. though we were speculating if the boost in cash proceeds (from $2.6b to $4.05b) would see additional debt paydowns it looks like not.
  • Regardless S&P has affirmed at the minimum 1-notch upgrade on deal closing (currently expected by 3Q25) and would lift it into IG. More would be contingent on stated capital allocation.
  • We don't see much left in the €28s (mids at Z+95) and see move value in $27s.

Friday's news on Apollo buying gaming business here.
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