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International Game Technology (IGT Secured; Ba1/BB+ CW Pos/BBB-) S&P stays put

CONSUMER CYCLICALS

€500m 5.5NC2 Sr Secured Mandate

    • UoP; will pull the $500m {EK730372 Corp} at par
  • S&P has stayed on BB+ CW Pos as expected. It will wait for the divestiture to close and sees that in 3Q25/is in line with mgmt remarks.
  • It's still open to a 2-notch upgrade but as we said before would depend on mgmt committing to <3x.
  • Note IGT also guarantees the proposed IGT Lottery issued notes (in case deal fails is pari passu). S&P has added rating on IGT will stay unch (but off CW pos) if deal fails.
  • Nice to see it will continue to issue in euros and perhaps echoing that post the spin-off announcement we saw more value in $ lines.
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