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International Game Technology details $1 billion restated revolver
By Marisa Wong
Madison, Wis., April 25 - International Game Technology released more details on its amended and restated credit agreement completed on Tuesday, which provides for a $1 billion credit facility replacing its existing $750 million credit facility.
According to an 8-K filing with the Securities and Exchange Commission, the new credit facility may be increased to $1.25 billion and has a $50 million sublimit for the issuance of letters of credit and up to $50 million available for swingline loans.
The revolver matures on April 23, 2018.
Interest is equal to Libor plus 90 basis points to 140 bps, and the facility fee ranges from 10 bps to 25 bps. The applicable margin and the facility fee are based on the company's debt ratings or its net funded debt-to-EBITDA ratio. The initial rate is Libor plus 100 bps, and the facility fee is currently 17.5 bps.
The facility contains some restrictive covenants as well as some financial covenants including
• A minimum ratio of adjusted consolidated EBITDA to consolidated interest expense minus all interest paid or accrued for jackpot liabilities and minus all non-cash interest expense of 3.0 to 1.0; and
• A maximum ratio of net funded debt to adjusted consolidated EBITDA of 3.5 to 1.0.
Royal Bank of Scotland plc is the administrative agent and swingline lender; Wells Fargo Bank, NA is syndication agent and letter-of-credit issuer; Wells Fargo Securities, LLC, Union Bank, NA and RBS Securities Inc. are joint lead arrangers and joint lead bookrunners; and Bank of America, NA, JPMorgan Chase Bank, NA, Mizuho Corporate Bank, Ltd., Union Bank, NA and U.S. Bank NA are co-documentation agents.
As of Tuesday, there was $55 million outstanding under the credit facility, as already noted.
International Game Technology is a Las Vegas-based manufacturer of gaming machines.
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