Greece’s Intralot in covenant crisis as earnings disappoint

Bonds of Intralot, the Greek gambling technology company, fell on Tuesday, after an earnings release that disappointed investors and confirmed that it was in breach of leverage covenants in its revolvers. High yield research firm Lucror Analytics argued that it was now ‘imperative’ for the company to renegotiate these terms.

  • By Owen Sanderson
  • 17 Apr 2019

“Intralot's liquidity seems adequate for now, but FY 2019 group level cashflow will likely remain negative,” said Lucror. “Therefore, it is imperative that the company renegotiates its covenants soon, opening up additional avenues of financing in case they should be needed.”

The company indicated on its earning call ...

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Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
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1 Deutsche Bank 7,517.46 42 6.58%
2 BNP Paribas 7,317.76 54 6.40%
3 Goldman Sachs 7,236.80 38 6.33%
4 Credit Agricole CIB 6,744.91 37 5.90%
5 Barclays 6,209.03 28 5.43%

Bookrunners of European HY Bonds

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1 Citi 4,728.01 24 9.17%
2 JPMorgan 3,649.83 29 7.08%
3 Deutsche Bank 3,638.27 22 7.05%
4 Barclays 3,441.80 22 6.67%
5 Goldman Sachs 3,389.62 26 6.57%

Bookrunners of Dollar Denominated HY Bonds

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1 Citi 18,847.11 143 9.43%
2 JPMorgan 18,279.02 147 9.15%
3 Goldman Sachs 14,831.56 109 7.42%
4 Bank of America Merrill Lynch 14,255.85 117 7.13%
5 Morgan Stanley 12,912.93 86 6.46%