Commentary & Deal Flow

IGT Lottery Holding BV (IGT) EUR500m 144A/Reg S sr sec notes due 03/15/30 (5.5y). NC2 (50%,25%,par) (6mo par call). (Expect Ba1)/BB+/(expect BBB-) (stable/CreditWatch positive/positive). Via BNP/UniCredit (B&D) jt physical books/Banca Akros/Citi/Ca/ING/Santander jt passive books. List Dublin. NY law. CoC at 101. Settles T+5 (09/19). Small group investor calls 09/10-11. Pricing 09/12. UOP: repay Intl Game Technolog PLC's US$500m 6.50% sr sec notes due 02/15/25 (callable at 100), and GCP. Biz: a global leader in the supply of global lottery solutions. It is a wholly-owned sub of International Game Technology PLC. HQ: London, UK. Note Intl Game Technology is in the process of separating and selling its Gaming and Digital biz. Completion, pending regulatory, shareholder and other approvals, is expected in Q3 2025. Dealroadshow entry coder: BREAKER0824.