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S&P rates Scientific Games loan B+
S&P said it affirmed its ratings on Scientific Games Corp., including the B corporate credit rating.
The outlook is stable.
At the same time, the agency assigned a B+ issue-level rating to the company's proposed $3.8 billion term loan B-5 due 2024. The 2 recovery rating reflects an expectation for substantial recovery (70% to 90%; rounded estimate: 80%) for lenders in the event of a payment default.
The proposed term loan B-5 will be issued by Scientific Games International Inc.
Scientific Games plans to use proceeds, along with new senior secured and unsecured notes, to refinance its existing term loan B-4, to repay a portion of its existing 7% senior secured notes and to repay a portion of its revolver borrowings.
The agency said the affirmation reflects an expectation for adjusted EBITDA coverage of interest to remain in the low-2x area through 2019 and for adjusted leverage to improve modestly over the next several quarters through EBITDA growth and modest debt reduction.
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