Casino tech firm IGT offers US$551mln senior secured notes

Sep 09, 2019 Newsdesk Latest News, Top of the deck, World  

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Casino equipment maker International Game Technology Plc (IGT) announced on Monday an offering of EUR500 million (US$551.5 million) in senior secured notes, due in 2028.

United States-listed IGT said in a press release it planned to use the proceeds to “repay utilisations under its senior revolving credit facilities in full, for general corporate purposes… and to pay certain debt issuance costs in connection with the offering”.

The group stated that the heading of general corporate purposes might include a “scheduled EUR320 million amortisation payment due under the senior-term loan facility on January 2020”.

Those notes in the latest offer that are sold in the United States will be only for institutional investors, and under the relevant terms of the United States’ Securities Act. Outside the U.S., they will be sold to “non-U.S. persons” in accordance with relevant regulations under the U.S. Securities Act.

The offering is subject to customary market and closing conditions, stated the release.

The group said permission had been sought to list the notes on Euronext Dublin in the Irish Republic, and have them admitted for trading on the Global Exchange Market of Euronext Dublin.

IGT’s net debt stood at just under US$7.64 billion as of June 30, up 1 percent year-on-year, according to its second-quarter results filed on August 1.

IGT posted a net profit of about US$4.9 million for the second quarter of this year. It was a 96.7-percent decline over the corresponding period ended June 30 last year, when IGT reported a net profit of US$161.5 million.

Nonetheless the group declared an interim cash dividend of US$0.20 per share on its ordinary shares. The dividend was payable on August 29, to holders of record as of the close of business on August 15.

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