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

CONSUMER CYCLICALS

€500m 5.5NC2 Sr Secured IPT 4.5%a

  • Will be issued out of the IGT Lottery (business that was not sold to Apollo) - but Guarantor includes IGT PLC (in-case spin-off of gaming fails ranks pari passu on collateral claims)
  • S&P stayed unch on CW pos. as expected is waiting for close.
  • UoP; will pull the $500m {EK730372 Corp} at par.

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