LONDON (S&P Global Ratings) June 19, 2023--S&P Global Ratings today assigned its 'BB' issue rating to Playtech PLC's proposed offering of up to €300 million of senior secured notes. The recovery rating is '3' indicating our expectation of meaningful recovery (50%-70%; rounded estimate 65%) in the event of payment default. Playtech, a U.K.-based software and gaming company, intends to use the proceeds from this issuance to refinance the remaining €200 million of existing senior secured notes due October 2023, to pay down its revolving credit facility and for general corporate purposes. The proposed transaction improves the group's liquidity profile and provides Playtech flexibility to pursue strategic structured agreements and for potential upfront lump sum payments for Italian concession license renewal
