Casino gaming equipment supplier and lottery services company International Game Technology Plc (IGT) says it has increased the size of its offer of 3.5-percent senior secured notes due in 2026, to EUR750 million (US$849.67 million).
IGT issued a written announcement on Tuesday saying it intended to use the net proceeds from sale of the new notes to redeem on June 22 nearly EUR437.61-million worth of 4.125-percent senior secured notes due in 2020. Such redemption would be in full at the optional redemption price. The group would then repay in part IGT’s borrowings under its senior revolving credit facilities.
The redemption of the older debt depended on the company getting at least EUR600 million in gross proceeds from the sale of the newly-offered debt, the announcement stated.
IGT reported in May a first-quarter net profit of US$40.3 million, on revenue of US$1.14 billion, having made a net loss of US$103.2 million during the same period in 2018, on revenue of US$1.21 billion.
The company’s net debt position was largely unchanged at US$7.71 billion as at March 31. Its net debt was US$7.76 billion at the end of last year.
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”I do not believe that this event [the collapse of a under-construction building in Sihanoukville] will slow down the issuance of [gaming] licences. Market forces will probably dictate the process as developers evaluate projected future demand for gaming in the region”
Senior partner at business consultancy Global Market Advisors