S&P assigns B+ to Jackpotjoy loan

S&P said it assigned its B+ long-term corporate credit rating to Jackpotjoy plc. The outlook is stable.

At the same time, S&P assigned a B+ issue rating to the group's proposed £375 million equivalent term loan B due 2024 (comprised of a £250 million sterling tranche and a £125 million equivalent euro tranche) and the £13.5 million revolving credit facility) due 2023. The recovery rating on these facilities is 3, indicating an expectation of about 65% recovery in the event of a payment default.

S&P said it withdrew its B+ long-term corporate credit rating on The Intertain Group, the previous holding company of the group. S&P also withdrew its BB issue rating on Intertain's existing first-lien debt and the B issue rating on its second-lien debt.

The rating assignment follows Jackpotjoy's announcement that it would launch a refinancing transaction whereby the proceeds of the new £375 million of senior secured debt will be used to repay its existing debt at the Intertain Group level.

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