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International Game Technology

IGT Plc is the result of a merger between GTK and legacy IGT in 1Q15 and is headquartered in London. The company is a leading global provider of lottery, technologies, and management services. IGT's business is broken into four segments: North American Gaming & Interactive (23.4% of FY17 revenue), North American Lottery (24%), International (18%), and Italy (34.5%). The acquisition opened the legacy IGT business to social gaming, complemented its interactive wagering segment, and launched its gaming machine division to be the number one provider. IGT's lottery business requires the company to bid for concessions in various jurisdictions. IGT is the leader of a consortium that won the bid for the Italian Lottery. The consortium recently agreed to pay €800mn for a nine-year extension. (03 Oct 2018)

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Focused

IGT 3Q18: Italy Gains, "Dignity Decree" Looms

Earnings Note: 31 Oct 2018, 3:23 PM ET - IGT reported 3Q18 revenues of $1.2bn, down 4% constant-currency, and EBITDA of $443mn, up 4% constant-currency. We maintain our Outperform recommendation on both the USD and EUR bonds.
Focused

HY Note: IGT Raises $750mn for Refi

HY Note: 17 Sep 2018, 9:39 PM ET - IGT came to market to refinance part of its 2020 maturities. We maintain our Outperform recommendation on the company.
Focused

IGT 2Q18: Maintaining Guidance Despite FX Headwind

Earnings Note: 31 Jul 2018, 1:43 PM ET - International Game Technology reported 2Q18 revenues of $1.2bn, down 1.4% YoY, and adjusted EBITDA of $453mn, up 6.9%. We maintain our Outperform recommendation for both the USD and EUR bonds. 

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 
Focused

IGT: Seeking €500mn to Fund 2020 Tenders

Worth Watching: 18 Jun 2018, 9:41 PM ET - IGT (Ba2/BB+) is coming to market to raise capital to fund the partial tender of two series of EUR denominated debt maturing in 2020. This is the first time IGT is coming to the bond market since the acquisition financing in 2015. The notes from ..
Focused

European Gaming: Sovereign Risks Come to the Fore

Worth Watching: 31 May 2018, 9:55 PM ET - European Gaming: On opposite sides of the world, political and sovereign risks have picked up again in recent weeks, as Argentina deals with an FX freefall and Italy's politics threaten a fiscal scare. In Argentina, FX volatility is par for ..

May 2018 US Company Recommendation Changes

US Company Recommendation Changes: 31 May 2018, 9:25 PM ET - Our monthly report provides executive summaries for the thirty-nine company recommendation changes made on North American companies during the month of May.
Focused

IGT 1Q18: Upgrading USD Bonds

Earnings Note: 22 May 2018, 10:12 PM ET - Following 1Q18 earnings, we move to Outperform on International Game Technology's USD bonds from Market perform, and maintain our Outperform recommendation on IGT's EUR bonds.
Focused

IGT 4Q17: Sports Betting Tailwind?

Earnings Note: 08 Mar 2018, 10:13 PM ET - IGT's solid 4Q17 results sent the equity up 8%. We continue to like the company's EUR bonds.

Euro HY Consumer Outlook 2018

Sector Outlook: 16 Jan 2018, 9:00 PM ET - We take a look at the key themes in play in evaluating prospects in the Euro HY Consumer space and aim to provide a fundamental framework to analyse available investment options within our coverage universe.
Focused

Italian Gaming: S&W Looks Headed to IGT-Led Group

Worth Watching: 17 Oct 2017, 11:57 PM ET - Italian Gaming: The preliminary terms of the instant ticket renewal were published in the Official Gazzette, indicating that the government will seek to renew with the existing concessionaire. The government expects to raise €800mn, split €50m ..

European Consumer: 2017 YTD New IG Issuance

Sector Outlook: 28 Sep 2017, 11:41 PM ET - New issuance in IG European food & bev/HPC, a consolidating sector, is down year to date on 2016 whereas new issuance in IG European retail, a sector attempting deleverage, is up.   
Focused

IGT 2Q17: Beats in 2Q, Maintains 2017 Guidance

Earnings Note: 01 Aug 2017, 5:29 PM ET - Regaining some credibility lost in 1Q17, the company beat estimates for 2Q.  We maintain our M/P on USD bonds and our O/P on EUR bonds. 
Focused

IGT: Refinances Term Debt and RCF

Worth Watching: 26 Jul 2017, 11:43 AM ET - IGT (Ba2/BB+) entered into a new term loan and revolving credit facility, expecting to use proceeds to replace existing facilities and to repay the 6.625s due February 2018.   The new term loan will represent borrowing of €1.5bn maturing in 202 ..

Euro HY Conference 2017 – Gaming Transcript

Transcript: 20 Jun 2017, 5:20 AM ET - This is a transcript of the talk we gave at the CreditSights Euro High Yield Conference in London on June 13th. 

May 2017 US Company Recommendation Changes

US Company Recommendation Changes: 31 May 2017, 10:21 PM ET - Our monthly report provides executive summaries for the thirty-six company recommendation changes made on US companies during the month of May.
Focused

IGT 1Q17: Weak Quarter; Downgrade USD/Maintain EUR

Earnings Note: 25 May 2017, 9:43 PM ET - IGT delivered a disappointing start to 2017 with each segment reporting revenue declines in the vicinity of 10% YoY but the credit story remains intact. 
Focused

IGT: Sells Social Game Platform for $825mn

Worth Watching: 17 Apr 2017, 9:10 PM ET - IGT (Ba2/BB+) announced the sale of its DoubleDown social game platform to DoubleU Games, a Korea-based operator in the space, for $825mn.  The sale is expected to be completed 2Q17, and IGT will maintain a royalty relationship with DoubleU.  IGT ..
Focused

IGT 4Q16: Guidance Knocks Down Equity

Earnings Note: 09 Mar 2017, 10:37 PM ET - IGT guidance sent the equity down 15%.  We believe the credit impact is fairly muted, but instead of de-leveraging this year, we expect credit metrics to tread water. 

Stonegate FY16: More Bolt-Ons

HY Note: 24 Jan 2017, 5:38 AM ET - We review STGATE FY16 results through the prism of the most recent bolt-ons.

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