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S&P rates Ontario Gaming, loan B
S&P said it assigned B ratings to Ontario Gaming GTA LP (OTG) and its planned $200 million revolving credit facility, an $800 million term loan B (TLB), and $400 million other secured debt. The recovery rating on the debt is 3, indicating a meaningful recovery (50%-70%; rounded estimate 65%) in default. The outlook is stable.
OTG is a joint venture between Great Canadian Gaming Corp. and Brookfield Business Partners (Brookfield).
“We forecast steady EBITDA growth following revenue ramp-up from new (Pickering) and upgraded (Toronto) casinos amid the normalization of post-pandemic foot traffic. However, we expect leverage will remain in the 5x-5.5x range and free operating cash flow (FOCF) will be close to breakeven through fiscal 2024,” the agency said in a press release.
OTG will use the new debt to refinance its capital structure.
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