IGT Upscales its Planned $500 Million Offer of Senior Secure Notes

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IGT Upscales its Planned $500 Million Offer of Senior Secure Notes

International Game Technology PLC Announces Offering Of $500 Million Senior Secured Notes Due 2027 And Conditional Notice Of Redemption For Its $600 Million 5.625% Senior Secured Notes Due 2020

International Game Technology has been successful with upscaling its planned $500 million offer of senior secure notes this week. The company was able to secure its notes by $250 million after the request surpassed expectations with the company receiving an unexpected value. The announcement was made early this week after IGT submitted its application for the notes. The notes were due in 2017 in order to be listed on the Euronext Dublin market.

Moody’s Investors Service, a credit ratings agency, said that the transaction would indeed “improve the company’s financial flexibility”, with all proceeds being used to redeem IGT’s 5.625% senior secured notes worth $600 million that are due in 2020.

“The transaction extends IGT’s maturity profile… providing funds to facilitate the refinancing of a significant part of its remaining 2020 maturities, while maintaining a good liquidity profile,” Moody’s said in an interview.

A spokesman for IGT added to Moody’s comments saying,

“Investor demand for the new issue was extremely strong at a very attractive price for us. Owing to the volume of demand and the price, we were able to take out some of our residual debt.”

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