IGT collects consents to amend 7.5% notes, extends bid for 5.5% notes

By Susanna Moon

Chicago, Oct. 21 – International Game Technology said it secured the needed consents to amend its $500 million of 7.5% notes due 2019.

The consent solicitation ended at 5 p.m. ET on Oct. 20.

The company also extended the consent solicitation for the $300 million of 5.5% notes due 2020 to 5 p.m. ET on Oct. 22 and doubled the consent fee to $10.00 for each $1,000 principal amount, according to a company press release.

The company lacked the needed majority consents to amend the $500 million of 5.35% notes due 2023 but is not extending the solicitation for those notes, the release noted.

The company said it also waived the condition to receive the required consents for the 5.35% notes due 2023 prior to the payment of the consent fee.

As previously announced, International Game began a consent solicitation on Oct. 8 for $1.3 billion of three series of notes in connection with the planned acquisition of the company by Gtech SpA.

The consent fee for each $1,000 principal amount is $2.50 for the 7.5% notes due 2019 and $10.00 for the 5.5% notes due 2020, up from $5.00. The consent fee would have been $10.00 for the 5.35% notes due 2023.

The company is soliciting consents to amend the notes to

• Exclude the merger of the companies from the definition of change of control; and

• After the merger, apply the definition of change of control to the post-merger parent of IGT (Holdco) other than permitted holders and permit Holdco to furnish the financial reports that are currently required to be furnished by IGT.

Regardless of the outcome, all three series of notes that remain outstanding after the merger will be unconditionally guaranteed by Holdco as well as subsidiary guarantors of Holdco’s debt securities on a pari passu basis, as previously noted.

Citigroup Global Markets Ltd. (800 558-3745 or 212 723-6106 collect), Deutsche Bank Securities Inc. (866 627-0391 or 212 250-2955 collect) and Credit Suisse Securities (USA) LLC are the solicitation agents. D.F. King & Co., Inc. (800 884-5882 or 212 269-5550 collect) is the information and tabulation agent.

International Game Technology is a Las Vegas-based manufacturer of gaming machines.

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