EFTA Document EFTA01385359

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite We believe the current yield of the IGT 6.5% Senior Secured Notes due 2025 ($112.3, 4.4% YTVV, 199bps STW) is attractive on an outright basis given the modest leverage, strong collateral and free cash flow generation capability. Thus, we continue to rate these bonds as a Buy. For 2017, we estimate IGT to report adjusted EBITDA of $1.67 billion (-5.0% versus $1.76 billion) on revenue of $4.82 billion (-1.0% versus