The latest news on the gaming industry in Asia

IGT finance rejig pushes some senior debt to 2029

Jun 23, 2020 Latest News, Top of the deck, World  

IGT finance rejig pushes some senior debt to 2029

Casino and lottery technology provider International Game Technology Plc (IGT) says it was able to boost the maximum tender amount on its offer to buy some senior secured notes due in 2022.

Such maximum tender amount rose to US$500 million, from the US$300 million first anticipated.

The firm said in a Monday press release that as of 5pm New York City time, on Friday (June 19) it had accepted for purchase just under US$500-million – measured by principal amount – of its 6.250-percent senior secured notes due in 2022. The outstanding principal amount on the notes was US$1.5 billion at the time the offer to purchase was made on June 8.

The tender offer is scheduled to expire at 11.59pm New York time on July 6.

IGT also announced on Monday that with effect from Friday it had completed the linked sale of US$750-million in 5.25-percent senior secured notes due in 2029.

Standard & Poor’s Global Ratings said in a June 8 note that it thought IGT’s exposure to the lottery segment, which it said had remained open for business in the United States even when casinos were shuttered in a number of markets globally, would in likelihood “provide it with some cushion to offset a weak anticipated casino recovery”.

IGT posted a net loss of nearly US$248.3 million for the first quarter, compared with a US$40.3-million profit in the corresponding period a year earlier. It said the quarter’s trading had been negatively affected by the Covid-19 pandemic, coinciding with widespread shutdowns of casinos in key markets.

As of March 31, IGT’s net debt position was US$7.17 billion, but that was an improvement from the US$7.38 billion recorded as of December 31, 2019.

Related articles
More news

Latest News

Gaming-linked crime in Macau up 24pct y-o-y in 1Q: govt

Gaming-linked crime in Macau up 24pct y-o-y in 1Q: govt

Jun 08, 2023  

Macau recorded 158 “gaming-related” crimes in the first three months of 2023, up 24.4 percent on the 127 identified in the prior-year period, according to the latest statistics published on...
Read More
SOFTSWISS chosen for Cobra Casino jackpot campaign

SOFTSWISS chosen for Cobra Casino jackpot campaign

Jun 08, 2023  

Pick of the Day

”I think the gaming sector has a huge potential in coming years. The situation around the pandemic drew a lot of attention from the casino operators to the ETG segment”

Michael Hu
President for the Asia-Pacific region at gaming supplier Interblock