Global gaming supplier International Game Technology PLC said Friday it has exercised its right to redeem in full its €500 million 3.500% Senior Secured Notes due 15 July 2024, with the outstanding amount of around €112 million (US$118 million) plus accrued and unpaid interest to be redeemed on 7 November 2023.
The redemption, IGT added, is conditioned on receipt of sufficient proceeds under its senior revolving credit facilities but “unless IGT defaults in making payment of the applicable redemption price, interest, if any, on the Notes being redeemed will cease to accrue on and after the Redemption Date,” the company explained.
IGT announced in July 2022 that it had reached an agreement with its lenders to increase the level of funding available and extend the maturity date of its loans. As a result, those lenders increased the amount available to IGT under the revolving credit facilities from a combined US$1.68 billion to US$1.83 billion, while extending the final maturity date to 31 July 2027.
Ratings agency Fitch earlier this year issued IGT an Issuer Default Rating of “BB+” for the first time, citing the company’s “conservative leverage” and improved financial position since the start of the COVID-19 pandemic. It also assigned a “BBB-“/”RR2” rating to IGT’s senior secured debt, including its senior secured notes and term loan, with a Rating Outlook of Stable.
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