S&P puts Lottomatica on positive watch

S&P said it placed all its ratings on Lottomatica Group SpA, parent of Lottomatica SpA, and its instruments on CreditWatch with positive implications.

S&P also assigned a B issuer credit rating to the intermediate holding company, Lottomatica Group SpA (previously named Gamma Midco SpA), given this is the entity that filed for an IPO.

On April 13, Lottomatica Group announced the launch of an IPO on the Euronext Milan Stock Exchange.

The group intends to raise enough proceeds to repay Gamma Bondco's €400 million payment-in-kind toggle notes and to reduce its net financial debt by a further €100 million, in view of a broader refinancing of its senior secured notes due 2025, after the IPO.

“We aim to resolve the CreditWatch placement when the IPO closes and Gamma Bondco repays the €400 million PIK notes as planned, with rating upside likely at one notch, depending on the group's capital structure and financial policy after the transaction,” S&P said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.