Moody’s rates Intralot notes B2

Moody's Investors Service said it assigned a B2 instrument rating to the new $242 million guaranteed senior secured PIK toggle notes due 2025 issued by Intralot, Inc.

The notes were issued as part of the exchange offer of the outstanding €250 million backed senior notes due 2021 issued by Intralot Capital Luxembourg SA.

The outlook is stable.

The agency said the rating reflects the higher credit quality of Intralot on a standalone basis with a Moody's-adjusted leverage forecast below 4x in December 2021 and a positive free cash flow generation of €25 million to €30 million in 2021.

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