International Game Technology Plc (IGT) stated on Wednesday that it expects the settlement of its offering of EUR500 million (US$550.7 million) in senior secured notes to “occur on September 18,” subject to “customary market and closing conditions”. The 4.250-percent notes are due in 2030.
The firm said it was seeking to list and trade the new notes on Euronext Dublin, in Ireland.
The gaming technology specialist reiterated that the proceeds from the offering as announced on Tuesday will be used to redeem IGT’s nearly US$500.0 million, 6.5-percent senior secured notes due in 2025. The proceeds would also cover related fees and expenses, and general corporate needs.
Redemption of the U.S. dollar-denominated notes is on the condition that IGT receives at least EUR500-million in gross proceeds, from the sale of the euro-denominated notes.
The gaming supplier said it expects the redemption of the existing notes to take place on September 24.
IGT’s net debt stood at just under US$5.11 billion as of June 30, according to its second-quarter earnings statement. The figure was down 4.6 percent year-on-year.
IGT is to sell its gaming and PlayDigital segments to funds managed by affiliates of private equity firm Apollo Global Management Inc, for US$4.05 billion.
The funds linked to Apollo will simultaneously acquire gaming technology supplier Everi Holdings Inc, paying US$14.25 per share in cash. The transactions are likely to be completed by the end of the third quarter of 2025, according to the parties.
Upon completion of the sale of IGT gaming and digital businesses, the current IGT will be a “pure-play lottery company” under a new name and ticker symbol.
