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
