...LONDON (S&P Global Ratings) Feb. 26, 2019--S&P Global Ratings today assigned its '##' issue rating to Playtech PLC's proposed offering of up to 350 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 existing 297 million convertible bond and for general corporate purposes. The existing convertible bond is due in 2019 and is fully included in our adjusted debt metric. Therefore, the refinancing will have a limited effect on the company's leverage. The proposed new notes will rank pari passu with the existing 530 million senior secured notes. All other ratings on Playtech are unaffected by the transaction. We understand that in 2018, the group's operating performance was dampened by increased competition in Asia. However, we continue to believe Playtech...
