S&P puts Legends on watch

Standard & Poor's said it placed on CreditWatch with negative implications Legends Gaming LLC's B corporate credit rating, its BB- rating for the first-lien term loan and B rating for the second-lien term loan.

According to the agency, the watch follows the unsuccessful marketing of the proposed senior secured and senior subordinated secured notes offerings, initially rated on Dec. 11. The company sought to refinance its existing first- and second-lien bank loans, in part due to tight financial covenants, including limitations on future capital investments.

With the inability to refinance, S&P said it is concerned about the remaining covenant cushion and the constraints imposed by the existing capital structure.

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