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

CONSUMER CYCLICALS
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Bmrk 6Y snr secured (all secured) offering to follow

  • This is a rising star on the back of it carving out the Gaming business to PE player Apollo for $4.05b in cash.
  • The question was one of 1-notch or 2-notch upgrades. We see 1-notch with S&P since remarking only $2b would go to debt paydowns.
  • UoP is refi, par call on the $500m 25s that closed yesterday at $100.4.
  • Unclear why it is rushing with refi supply when the spin-off is yet to close (saw it 12-15months away in late July) and rating upgrades will only kick in then.
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Bmrk 6Y snr secured (all secured) offering to follow

  • This is a rising star on the back of it carving out the Gaming business to PE player Apollo for $4.05b in cash.
  • The question was one of 1-notch or 2-notch upgrades. We see 1-notch with S&P since remarking only $2b would go to debt paydowns.
  • UoP is refi, par call on the $500m 25s that closed yesterday at $100.4.
  • Unclear why it is rushing with refi supply when the spin-off is yet to close (saw it 12-15months away in late July) and rating upgrades will only kick in then.