Intralot - New Issue Comment
Intralot, the Greek provider of gaming systems, is marketing €450m of senior unsecured notes due 2024. Proceeds will be used to repay in full the €250m 6% unsecured bonds due 2021 at a call price of 103 as well as the €165m syndicated facilities. The firm reports a pro forma net leverage of 3.1x (5.1x including Spread Research’s adjustments). The issue is rated B with a stable outlook by S&P and B1 with a negative outlook by Moody’s.
Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.
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