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IGT reveals amendments to revolving credit facility and term loan agreements

Newsdesk by Newsdesk
Thu 14 May 2020 at 06:00
IGT reveals amendments to revolving credit facility and term loan agreements
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Global gaming giant International Game Technology PLC (IGT) has announced amendments to its Revolving Credit Facilities Agreement and Term Loan Facility Agreement aimed at easing covenants related to debt ratios.

According to IGT, the amendments to the agreement include waiving covenants requiring IGT to maintain a maximum ratio of total net debt to EBITDA and a minimum ratio of EBITDA to net interest costs from 30 June 2020 to 30 June 2021. The amendments obligate IGT to maintain minimum liquidity of US$500 million during such fiscal quarters,  increase the maximum ratio of total net debt to EBITDA that IGT is required to maintain and prohibit dividends and share repurchases through 30 June 2021.

They also exclude any adverse affects arising from the COVID-19 pandemic to be defined as a “material adverse effect,” ensure any cessations and suspensions of business from the pandemic will not constitute an event of default, and waive IGT’s obligation to grant security over additional collateral unless its public debt ratings are lower than BB- or Ba3.

“We are pleased to announce the amendments to our revolving credit facilities agreement and term loan facility agreement,” IGT’s Chief Financial Officer, Max Chiara.

“The amendments provide us flexibility to navigate the near-term uncertainty caused by the COVID-19 pandemic and demonstrate the strong support we are receiving from our banking group.”

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Tags: covid-19EuropeIGTInternational Game TechnologyMax Chiararevolving credit facilityTerm Loan Facility Agreement
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The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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