IGT to redeem outstanding US$118mln of notes due 2024

Oct 30, 2023 Newsdesk Industry Talk, Latest News  

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Casino equipment maker and digital gaming content provider International Game Technology Plc (IGT) says it will redeem on November 7 the outstanding EUR112.04 million (US$118.34 million) of its EUR500.00 million, 3.500-percent senior notes due on July 15, 2024.

“The redemption is conditioned on IGT’s receipt of sufficient proceeds under its senior revolving credit facilities to complete such redemption,” according to a company statement on Friday.

“On the redemption date, the redemption price, together with the applicable accrued interest, will become due and payable,” the firm added.

IGT announced in July last year an amendment and extension to its revolving credit facilities agreement and an amendment to its term loan facility agreement.

The firm said at the time that the amendment to its revolving credit facilities increased the aggregate commitments of the lenders to approximately US$1.83 billion, from about US$1.68 billion previously. It also extended the “final maturity date to July 31, 2027”.

IGT generated revenue of just below US$1.06 billion in the second quarter of 2023, 3.3-percent higher than a year ago. Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) for the three months to June 30 stood at US$443 million, up 8.3 percent from the second quarter of 2022.

In June, IGT announced a “review of strategic alternatives for its global gaming and PlayDigital” businesses in order to “enhance shareholder value”.

 

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