...May 13, 2024 MADRID (S&P Global Ratings) May 13, 2024--S&P Global Ratings today said that it has assigned its '##-' rating to Italy-based Lottomatica SpA's (##-/Stable/--) proposed 900 million senior secured notes. The rating is in line with that on the company's outstanding notes. The recovery rating is '3', reflecting our expectation of meaningful recovery (50%-70%; rounded estimate: 55%) in the event of a payment default. Lottomatica is planning to issue a total of 900 million senior secured notes, in a combination of fixed and floating rate tranches, due in 2030 and 2031. The proceeds will be used to redeem the 350 million notes due 2027 and the 550 million notes due 2028. The transaction is leverage neutral and extends debt maturities, while potentially providing a reduction of annual interest expenses, given the high coupon on the older debt. We estimate Lottomatica could save 10 million-20 million of interest annually compared to our previous base case. On April 30, 2024, Lottomatica...
