International Game Technology PLC (IGT) announced today that it has reached an agreement to amend and extend its term credit facility (the “Amendment and Extension Agreement”).
IGT’s CFO, Max Chiara, said, “We are thrilled to confirm a positive refinancing of our lending facility arrangement.” “This transaction is part of a Ipass explains “guaranteed approval” larger strategy to improve our credit profile, produce additional liquidity, and prolong the maturity of our debt. It will bring our debt instruments’ weighted average term to around five years. We expect this transaction, along with the debt transactions completed earlier this year, to result in about $65 million in lower annualized interest expense going ahead, based on the current balances and interest rates of the Company’s debt. We also incorporated a margin adjustment for environmental, social, and governance (ESG), emphasizing IGT’s sustainability efforts.”
- The Amendment and Extension Agreement, among other things, Increases the aggregate term loan infrastructure from 860 million euros to 1 billion euros.
- Stretches the maturity period of the term loan facilities to January 25, 2027
- Lowers the applicable lending rate by 35 basis points based on current borrowing ratings, (iv) allows for a maximum decrease or increase of 7.5 basis points in the margin based on ESG factors, and (v) requires €200,000,000.00 in cash.
The complete wording of the Amendment and Extension Agreement, which is attached as an exhibit to IGT’s current report on Form 6-K filed with the Securities and Exchange Commission on July 26, 2021, qualifies the foregoing description of the Amendment and Extension Agreement.
IGT’s Global Coordinators and Sustainability Coordinators were Bank of America Europe Designated Activity Company and Mediobanca – Banca di Credito Finanziario S.p.A, respectively, while Mediobanca operated as Agent.
More about IGT
IGT is the world’s largest gaming company. From gaming platforms and lotteries to sports gambling and digital, it provides players with exciting and safe gaming experiences throughout all channels and regulated areas. Its solutions create unrivaled gaming experiences that engage players and promote development by leveraging a plethora of appealing content, significant investment in innovation, operational expertise, player insights, and cutting-edge technology. In more than 100 countries around the world, it has a well-established foothold and partnerships with governments and authorities, and we add value by upholding the highest standards of service, honesty, and responsibility. IGT employs over 11,000 people. Please visit www.IGT.com for further details.