Gaming equipment manufacturer International Game Technology Plc (IGT) announced on Tuesday the conditional results of a tender offer for some of its senior secured notes due in 2020. The company said that, according to the preliminary results, it would repurchase the equivalent to EUR374.5-million (436.6-million) worth of outstanding notes.
The offer began on June 18 and expired on Monday. The IGT notes covered included: the EUR700-million 4.125-percent senior secured notes due in 2020 and represented by the Regulation S global note; and the EUR500-million 4.750-percent senior secured notes due in 2020, which were issued with an initial coupon of 3.500 percent.
IGT stated – citing information collected by the tender and information agent for the financial exercise – that approximately EUR262.4-million of the aggregate principal amount of the 4.125-percent notes, and EUR112.1-million of the aggregate principal amount of the 4.750-percent notes, had been validly tendered in relation to the offer.
The tender offer consideration for each EUR1,000 principal amount of the 4.125-percent notes accepted for purchase under to the offer was EUR1,050 in cash, IGT had previously announced. The tender offer consideration for each EUR1,000 principal amount of the 4.750-percent notes accepted for purchase relating to the offer was EUR1,070.
“Subject to satisfaction of all conditions set out in the offer to purchase, IGT intends to accept for purchase all of the notes tendered in the offer,” it stated in a press release.
BNP Paribas, Deutsche Bank and Société Générale acted as the managers for the exercise.
The firm had previously said the purpose of the note tender offer was “to extend the weighted average maturity of IGT’s debt.” The overall operation also includes a new offering of euro-denominated notes.
IGT reported in May that consolidated revenue increased by 5 percent year-on-year in the first three months of 2018, while its operating income jumped 65 percent.
IGT’s net debt stood at approximately US$7.53 billion at the end of the first quarter 2018, compared to nearly US$7.32 billion as of December 31, 2017. The firm said the net debt as at March 31, 2018 included US$119 million of negative impact from foreign currency adjustments.
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