Fitch rates Intralot bond BB-/RR3

Fitch Ratings said it assigned Intralot Capital Luxembourg SA's planned €450 million bond an expected senior unsecured rating of BB-(EXP) with a recovery rating of RR3.

The bond is rated one notch above Intralot's long-term issuer default rating of B+/stable.

Proceeds from the notes, which mature in September 2024, will be used for the early redemption of the company's €250 million 6% notes due in 2021 as well as other outstanding credit facilities.

The planned notes are guaranteed by Intralot SA and some material subsidiaries, and will rank pari passu with all existing and future unsecured debt of the issuer that is not subordinated to the notes, including senior credit facilities that are not secured.

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