...May 30, 2024 NEW YORK (S&P Global Ratings) May 30, 2024--S&P Global Ratings today assigned its '##+' issue-level rating to PCI Gaming Authority's proposed senior secured credit facility consisting of a $550 million revolver due in 2029 and a $1.26 billion term loan B due in 2031. The transaction is debt-for-debt and does not impact our forecast credit measures. As a result, our '##+' issuer credit rating and stable outlook are unchanged. PCI will use the proceeds from the term loan to refinance its existing $1.046 billion term loan due in 2026 and its revolver due in 2028 ($200 million currently drawn); fund transaction fees and expenses; and add around $4 million of cash to the balance sheet. The transaction will improve PCI's maturity profile. As of Dec. 31, 2023, PCI's S&P Global-Ratings adjusted leverage was 2.4x, which provides good cushion to our 3x downgrade threshold. We continue to forecast leverage improving to around 2x in 2025 because we expect PCI's Wind Creek Chicago Southland...
