International game technology plc 2,375% 2028 usd XS2051904733
- Creatore Discussione Bergman75
- Data di inizio
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w0lverin
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gran bella azienda in passato ho tradato altri suoi bond , vediamo il tasso finale e nel caso la prendo otc non vorrei stringano molto....
salti
Bergman75
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La 3,5% 2024 rende circa l' 1,5%....
Cmq oggi una caterva di nuove emissioni:
- Intrum
- IGT
- CMZB NPS
- Groupama T2
- Peugeot
- Dassault (4 tranches)
- Verizon (2 tranches € / 1 tranche £)
- Coca Cola European Partners
- LBBW CB
- Aktia Bank T2
Mi sa che Rivetto è in ferie....
w0lverin
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La 3,5% 2024 rende circa l' 1,5%....
Cmq oggi una caterva di nuove emissioni:
- Intrum
- IGT
- CMZB NPS
- Groupama T2
- Peugeot
- Dassault (4 tranches)
- Verizon (2 tranches € / 1 tranche £)
- Coca Cola European Partners
- LBBW CB
- Aktia Bank T2
Mi sa che Rivetto è in ferie....
mica sono fes si ne approfittano ora che i tassi sono bassi ....
ps se hai notizie sull'emissione groupama posta per favore
saluti
Bergman75
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Ho già chiesto....chiesto anche info su Commerz....appena mi rispondono ti dico.
w0lverin
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w0lverin
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allora igt c'è a mercato la 26 Bondboard - Details
che rende sul denaro 2,62% quindi se escono al 2,75 - 3 % secondo me c'è poca cicca a meno che non escono con cedola al 3% e prezzo a 99 .....
saluti
che rende sul denaro 2,62% quindi se escono al 2,75 - 3 % secondo me c'è poca cicca a meno che non escono con cedola al 3% e prezzo a 99 .....
saluti
KlausC
Hic sunt Leones
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In passato ho avuto il 2023 4,5% (che ora sta a 110). Mi aveva fatto dannare per 4-6 mesi scendendo anche a 93 mi pare, poi improvvisamente esplose e lo vendetti a 103 e rotti, pensando di aver fatto il gain della vita .. 
Peccato che difficielmnte l'acquisto sarà aperto al Retail.
Peccato che difficielmnte l'acquisto sarà aperto al Retail.
w0lverin
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In passato ho avuto il 2023 4,5% (che ora sta a 110). Mi aveva fatto dannare per 4-6 mesi scendendo anche a 93 mi pare, poi improvvisamente esplose e lo vendetti a 103 e rotti, pensando di aver fatto il gain della vita ..
ricordo bel bond ,
saluti
waltermasoni
Dominican Trader
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Rating Action: Moody's assigns Ba2 to International Game Technology Plc's proposed Euro 500 million notes
09 Sep 2019
New York, September 09, 2019 -- Moody's Investors Service ("Moody's") assigned a Ba2 rating to International Game Technology PLC's ("IGT") proposed €500 million senior secured notes due 2028. The company's existing ratings, including senior secured notes rated Ba2, Ba2 Corporate Family Rating, and Ba2-PD Probability of Default Rating and SGL-3 Speculative Grade Liquidity rating are unchanged. The outlook is unchanged at stable.
Proceeds from the proposed €500 million senior secured notes, which will be pari passu with the company's existing debt, will be used to repay the outstanding amount on the company's revolving credit facility, and for general corporate purposes which includes pre-funding the scheduled Euro 320 million amortization payment on the company's senior secured term loan due on January 25, 2020, as well as pay related fees and expenses. The transaction continues to extend IGT's maturity profile and improves overall financial flexibility, providing funds to facilitate the refinancing of a significant part of its remaining 2020 maturities, while maintaining an adequate liquidity profile.
Assignments:
..Issuer: International Game Technology PLC
....Senior Secured Regular Bond/Debenture, Assigned Ba2 (LGD3)
09 Sep 2019
New York, September 09, 2019 -- Moody's Investors Service ("Moody's") assigned a Ba2 rating to International Game Technology PLC's ("IGT") proposed €500 million senior secured notes due 2028. The company's existing ratings, including senior secured notes rated Ba2, Ba2 Corporate Family Rating, and Ba2-PD Probability of Default Rating and SGL-3 Speculative Grade Liquidity rating are unchanged. The outlook is unchanged at stable.
Proceeds from the proposed €500 million senior secured notes, which will be pari passu with the company's existing debt, will be used to repay the outstanding amount on the company's revolving credit facility, and for general corporate purposes which includes pre-funding the scheduled Euro 320 million amortization payment on the company's senior secured term loan due on January 25, 2020, as well as pay related fees and expenses. The transaction continues to extend IGT's maturity profile and improves overall financial flexibility, providing funds to facilitate the refinancing of a significant part of its remaining 2020 maturities, while maintaining an adequate liquidity profile.
Assignments:
..Issuer: International Game Technology PLC
....Senior Secured Regular Bond/Debenture, Assigned Ba2 (LGD3)
waltermasoni
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S&P Global Ratings
International Game Technology PLC €500 Million Senior Secured Notes Due 2028 Rated 'BB+' (Recovery Rating: 3)
09-Sep-2019 06:27 EDT
View Analyst Contact Information
Table of Contents
SAN FRANCISCO (S&P Global Ratings) Sept. 9, 2019--S&P Global Ratings today assigned its 'BB+' issue-level rating and '3' recovery rating to International Game Technology PLC's (IGT) proposed €500 million senior secured notes due 2028. The '3' recovery rating indicates our expectation for meaningful recovery (50%-70%; rounded estimate: 65%) for noteholders in the event of a payment default.
The company plans to use proceeds from the notes to repay balances outstanding ($81 million of outstanding principal as of June 30, 2019) under its revolver, and for general corporate purposes, which may include the €320 million amortization payment due January 2020 under IGT's term loan. The proposed financing transaction does not affect our 'BB+' issuer credit rating since the transaction is largely debt for debt. However, the transaction will improve IGT's maturity profile by freeing up revolver capacity, which we expect it to use along with free cash flow generation to fully repay its €387.9 million 4.75% senior secured notes that are due in March 2020.
ISSUE RATINGS – RECOVERY ANALYSIS
Key analytical factors
We assume the company will use proceeds from the proposed notes to free up revolver capacity and fund its January 2020 amortization payment under its term loan, so that it can then use cash flow to repay principal amounts outstanding under its 4.75% senior unsecured notes that mature in March 2020.
Our simulated default scenario contemplates a default occurring in 2024 because of a significant decline in the installed base of the company's gaming machines due to a significant loss in market share, the loss of one or more major lottery contracts, and/or a severe and sustained economic decline that leads to a substantial drop in gaming machine yield and purchases of new machines.
IGT's capital structure consists of $1.05 billion and €625 million in total revolving commitments, a €1.5 billion term loan, and several secured notes tranches at IGT. In addition, there are also two tranches of notes issued at IGT's subsidiary, International Game Technology. All of the debt shares the same guarantors and the notes issued at International Game Technology are also guaranteed by IGT. In addition, the collateral for the debt is a pledge of stock in International Game Technology and Lottomatica Holding S.ar.l., a subsidiary of IGT, and any intercompany loans in excess of $10 million. Although the notes issued by International Game Technology only benefit from its and its subsidiaries stock and intercompany notes, we do not view this limitation in the collateral relative to the rest of the capital structure as significant enough to warrant a distinction in recovery prospects between the International Game Technology notes and the remaining debt at IGT. We therefore assume that recovery prospects are aligned for all the debt in the capital structure.
We assume the total revolving credit facility is 85% drawn at default.
Simplified waterfall
Emergence EBITDA: about $1.0 billion
EBITDA multiple: 6.5x
Gross recovery value: $6.4 billion
Net recovery after administrative expenses (5%): $6.1 billion
Value available for secured debt: $6.1 billion
Secured debt: $9.2 billion
--Recovery expectation: 50%-70% (rounded estimate: 65%)
Note: All debt amounts include six months of prepetition interest.
International Game Technology PLC €500 Million Senior Secured Notes Due 2028 Rated 'BB+' (Recovery Rating: 3)
09-Sep-2019 06:27 EDT
View Analyst Contact Information
Table of Contents
SAN FRANCISCO (S&P Global Ratings) Sept. 9, 2019--S&P Global Ratings today assigned its 'BB+' issue-level rating and '3' recovery rating to International Game Technology PLC's (IGT) proposed €500 million senior secured notes due 2028. The '3' recovery rating indicates our expectation for meaningful recovery (50%-70%; rounded estimate: 65%) for noteholders in the event of a payment default.
The company plans to use proceeds from the notes to repay balances outstanding ($81 million of outstanding principal as of June 30, 2019) under its revolver, and for general corporate purposes, which may include the €320 million amortization payment due January 2020 under IGT's term loan. The proposed financing transaction does not affect our 'BB+' issuer credit rating since the transaction is largely debt for debt. However, the transaction will improve IGT's maturity profile by freeing up revolver capacity, which we expect it to use along with free cash flow generation to fully repay its €387.9 million 4.75% senior secured notes that are due in March 2020.
ISSUE RATINGS – RECOVERY ANALYSIS
Key analytical factors
We assume the company will use proceeds from the proposed notes to free up revolver capacity and fund its January 2020 amortization payment under its term loan, so that it can then use cash flow to repay principal amounts outstanding under its 4.75% senior unsecured notes that mature in March 2020.
Our simulated default scenario contemplates a default occurring in 2024 because of a significant decline in the installed base of the company's gaming machines due to a significant loss in market share, the loss of one or more major lottery contracts, and/or a severe and sustained economic decline that leads to a substantial drop in gaming machine yield and purchases of new machines.
IGT's capital structure consists of $1.05 billion and €625 million in total revolving commitments, a €1.5 billion term loan, and several secured notes tranches at IGT. In addition, there are also two tranches of notes issued at IGT's subsidiary, International Game Technology. All of the debt shares the same guarantors and the notes issued at International Game Technology are also guaranteed by IGT. In addition, the collateral for the debt is a pledge of stock in International Game Technology and Lottomatica Holding S.ar.l., a subsidiary of IGT, and any intercompany loans in excess of $10 million. Although the notes issued by International Game Technology only benefit from its and its subsidiaries stock and intercompany notes, we do not view this limitation in the collateral relative to the rest of the capital structure as significant enough to warrant a distinction in recovery prospects between the International Game Technology notes and the remaining debt at IGT. We therefore assume that recovery prospects are aligned for all the debt in the capital structure.
We assume the total revolving credit facility is 85% drawn at default.
Simplified waterfall
Emergence EBITDA: about $1.0 billion
EBITDA multiple: 6.5x
Gross recovery value: $6.4 billion
Net recovery after administrative expenses (5%): $6.1 billion
Value available for secured debt: $6.1 billion
Secured debt: $9.2 billion
--Recovery expectation: 50%-70% (rounded estimate: 65%)
Note: All debt amounts include six months of prepetition interest.