Moody's assigns Ba3 to Lottomatica notes

Moody's Investors Service said it assigned a Ba3 rating to the planned €500 million issuance to be split between new senior secured floating-rate notes due 2030 and a tap of the outstanding senior secured notes due 2028, to be sold by Lottomatica SpA, a subsidiary of Lottomatica Group SpA.

Concurrently, Moody's affirmed the company's Ba3 corporate family rating and Ba3-PD probability of default rating, as well as the Ba3 ratings on the €350 million of senior secured notes due 2027, the €565 million of senior secured notes due 2028 and the €550 million of senior secured floating rate notes due 2028, all borrowed by Lottomatica SpA.

Lottomatica plans to buy SKS365 Malta Holdings for an enterprise value of €639 million. The deal is expected to close in the first half of 2024 subject to customary competition and regulatory approvals, and will be financed with available cash and debt, for which the company has already secured a €500 million bridge loan facility.

The outlook on both Lottomaticas remains stable.

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