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Moody's downgrades Intralot
Moody's Investors Service said it downgraded Intralot SA's corporate family rating to Ca from Caa2, its probability of default to Ca-PD from Caa2-PD and the instrument rating of its guaranteed senior unsecured notes, issued by Intralot Capital Luxembourg SA, to Ca from Caa2.
Intralot announced it entered into a lock-up agreement supporting a proposed capital structure with an ad hoc group of bondholders representing 75% of the senior unsecured notes due 2021 and 13% of the senior unsecured notes due 2024.
Intralot offers to exchange the full 250 million of 2021 notes for 205 million of new senior secured notes due 2025. In parallel, the company offers to trade part of the 500 million 2024 notes for up to 49% of the share capital of an indirect parent of Intralot Inc. Both exchanges are cross-conditional.
Upon completion, Moody's will likely consider the debt haircut, maturity extension and debt-to-equity swap as a distressed exchange, the agency said in a press release.
The outlook remains negative.
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