This post will include a 52 page presentation on a distressed situation that I think is interesting for a variety of reasons – Intralot. The company is a global provider of integrated gaming systems and services. The capital structure is relatively straightforward and primarily consists of two Senior Unsecured Notes issued by Intralot Capital Luxembourg S.A. After a variety of headwinds and missteps in recent quarters, the bonds are currently trading at distressed prices. I think the longer-dated 2024s are interesting here.
If you haven’t already, you need to click “Read More” to see the presentation link below.