...May 7, 2019 - Cirsa Enterprises S.L.U. (Cirsa) intends to issue 390 million of senior secured notes primarily to finance its recently announced acquisition of Spain-based gaming operator Giga Game System Operation (Giga Game). Cirsa will use the remaining proceeds for small bolt-on acquisitions and other corporate purposes. - Following this transaction, we expect Cirsa's adjusted leverage to reach 4.9x, leading to tightened headroom under the current ratings. However, we expect that Cirsa will deleverage during 2019-2020 as a result of estimated EBITDA growth. - We are therefore affirming our 'B+' issuer credit rating on Cirsa and our 'B+' issue rating on the company's existing senior secured notes due 2023. At the same time, we are assigning our 'B+' issue rating to the proposed 390 million senior secured notes due 2025. - The stable outlook reflects our expectation that Cirsa's S&P Global Ratings-adjusted debt to EBITDA will be 4.8x-4.9x and free operating cash flow (FOCF) to debt around...