International Game Technology to price $500 million 8.5-year notes in Monday drive-by

By Paul A. Harris

Portland, Ore., June 8 – International Game Technology plc plans to price a $500 million offering of senior secured notes due Jan. 15, 2029 (existing ratings Ba3/BB) in a Monday drive-by trailing a mid-morning conference call, according to market sources.

Initial price talk has the deal coming to yield in the high 5% area, a trader said.

Lead active bookrunner Barclays will bill and deliver. BofA Securities Inc. is also a lead active bookrunner. BNP Paribas, Fifth Third Securities Inc., J.P. Morgan Securities LLC, Mediobanca, Scotia Capital, USI, Wells Fargo Securities LLC and KeyBanc Capital Markets are bookrunners.

The Rule 144A and Regulation S for life 8.5-year notes become callable after 3.5 years at par plus 50% of the coupon.

The London-based producer of slot machines and other gambling technology plans to use the proceeds to tender for its senior secured notes due 2022, to pay down its revolving credit facility and for general corporate purposes.

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