Moody’s ups AP Gaming to B2

Moody's Investors Service said it upgraded AP Gaming I, LLC's corporate family rating to B2 from B3.

The agency also affirmed the $515 million senior secured term loan due 2024 and the $30 million senior secured revolver due 2022 at B2, and the probability of default rating at B3-PD.

The speculative grade liquidity rating is SGL-2 and the outlook is stable.

Moody’s said the upgrade follows the company's successful initial public offering of common stock and the use of net proceeds to repay the company's existing senior PIK notes (unrated), of which $154 million was outstanding as of year-end.

The repayment of the PIK notes results in a significant reduction in leverage to under 5 times on a pro-forma basis, below the previously stated upgrade trigger of 5.5 times, the agency added.

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