S&P rates Century Casinos, debt B

S&P said it assigned B ratings to Century Casinos Inc. and its planned $170 million first-lien term loan due 2026 and a $10 million revolver due 2024.

The agency also assigned a 3 rating to the first-lien debt, which means an expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a payment default.

“The rating on Century Casinos primarily reflects its high lease adjusted leverage, operations of gaming properties with limited amenities in highly competitive markets, small scale, and risks associated with integrating three new properties into its portfolio, which more than doubles the company’s size,” said S&P in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.