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International Game Technology (IGT; Ba1/BB+ CW Pos/BBB-) Apollo taking gaming business

CONSUMER CYCLICALS

Apollo: "IGT will receive $4.05 billion of gross cash proceeds for IGT Gaming. IGT expects significant portions of the cash proceeds to be used to repay debt and to be returned to shareholders."

Looks like a boost vs. below

S&P (late Feb): "IGT will receive approximately $2.6 billion in cash that will be funded with the proceeds of debt incurred by the combined company. It will allocate at least $2 billion of this amount to debt repayment, with the remaining amount allocated to separation and divestiture expenses, tax leakage, and general corporate purposes."

Presser here

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