S&P rates Great Canadian Gaming loans, notes B+

S&P said it assigned its B issuer credit rating to Raptor Acquisition Corp. (also known as Great Canadian Gaming Corp. (GCGC)).

At the same time, S&P assigned its B+ issue-level rating and 2 recovery rating to the company’s proposed revolving credit facility, secured term loan B and senior secured notes (in aggregate US$1.28 billion). The 2 recovery rating reflects an expectation for meaningful (70%-90%; rounded estimate: 85%) recovery in the event of default.

The outlook is stable.

“We forecast GCGC's leverage will remain above 7x through 2022 but improve to 5x in 2023,” S&P said in a news release.

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