...- Italy-based gaming operator Lottomatica SpA plans to issue total 500 million of new debt, including new senior secured notes due 2030 and a tap to existing notes due 2028. The proceeds will be used to finance the acquisition of SKS365 Malta Holdings Ltd. (SKS365). - The proposed issuance will cause S&P Global Ratings-adjusted debt to EBITDA to moderately increase to 4.1x in 2024, from a forecast 3.8x in 2023, before declining to 3.6x in 2025 as the company fully integrates the acquisition. - We affirmed our '##-' long-term issuer credit rating on Lottomatica and our '##-' issue rating on its 1,465 million existing senior secured notes. - At the same time, we assigned a '##-' issue rating and '3' recovery rating to the proposed 500 million senior secured notes. - The stable outlook indicates that we expect Lottomatica's revenue and EBITDA to continue expanding, driven by the integration of Betflag and SKS365, and the increasing share of online betting. Adjusted leverage will remain at...
