IGT unit to redeem fully US$60mln in notes due 2023

Dec 23, 2022 Newsdesk Latest News, Top of the deck, World  

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Casino equipment and gaming content provider International Game Technology Plc (IGT) says its Nevada, United States-incorporated subsidiary called International Game Technology, has exercised its option to redeem in full its nearly US$60.5-million, 5.35-percent interest, notes that are due in 2023. That is according to a Thursday announcement.

The IGT subsidiary’s redemption is to be exercised at a price equal to the sum of the present values of the remaining scheduled payments of principal and interest on the notes. Such calculation is exclusive of interest accrued and unpaid from October 15, 2022, up to – but excluding – the redemption date of January 23, 2023. The calculation draws on the applicable yield rate for U.S. Treasury securities, plus 40 basis points.

The redemption price, together with the applicable accrued interest, will become due and payable on the redemption date. The paying agent for the notes is Computershare Trust Company NA.

IGT Plc said in its third-quarter results issued in November, that its net debt position stood at just below US$5.08 billion as of September 30, down from the US$5.92-billion net debt recorded at the end of December 2021.

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