International Gaming Technology’s 1.5 Billion Loan Term Detailed
International Gaming Technology has released details of its 1.5 billion loan term agreement. They released, in connection with the details, an amendment to its multi-currency revolving credit facilities as well. IGT said the loan will mature in 2023 and it will be used to repay more than 800 million in term loans that mature in 2 years. They also commented that it will voluntarily reduce the aggregate commitments of its multi-currency revolving credit facilities by 30 percent. As of right now, the US dollar credit commitment values at $1.2 billion, or Euro 725 million.
Alberto Fornaro, Chief Financial Officer with IGT released a statement regarding the details of the loan agreement saying,
“We are proactively managing our capital structure to drive significant savings in interest expense, extend maturities, and maximise financial flexibility in executing our business plan.
He added, “We expect to deliver an estimated $60m in annualised interest cost savings from the combination of today’s announced transactions, the recently completed tender for the 7.500% notes due in June 2019 and repayment of borrowings with proceeds from the recent sale of Double Down Interactive LLC, as well as the repayment of the €500m 6.625% notes due in February 2018 at maturity.”