IGT to redeem remaining outstanding notes worth US$118 million

October 31, 2023 World Casino & Hotel

International Game Technology PLC (IGT), a global gaming firm, has fully redeemed its €500 million 3.500% Senior Secured Notes, which were scheduled to mature on July 15, 2024. On November 7, 2023, the remaining sum of about €112 million (US$118 million) plus accrued but unpaid interest is expected to be refunded.

Redemption is subject to IGT’s senior revolving credit facilities receiving a sufficient amount of income. According to the company, unless IGT is unable to pay the appropriate redemption price, interest on the redeemed Notes will cease to accrue on and after the Redemption Date.

IGT reached a deal with its lenders in July 2022 to extend the maturity date of the loans and raise the available capital. As a result, the lenders raised the total amount available to IGT under the revolving credit facilities from US$1.68 billion to US$1.83 billion and extended the maturity date to July 31, 2027.

Rating agency Fitch gave IGT its first Issuer Default Rating of “BB+” earlier this year, citing the company’s “conservative leverage” and improved financial standing since the COVID-19 outbreak began. It also assigned a stable rating outlook to IGT’s senior secured debt, which is comprised of its senior secured notes and term loan, rating of “BBB-“/”RR2”.