International Game Technology exchanges 99.5% of zero-coupon convertibles

By Angela McDaniels

Seattle, March 30 - International Game Technology said that 99.5%, or $964,767,000 principal amount at maturity, of its zero-coupon convertible debentures due 2033 were tendered during its exchange offer that expired on Wednesday.

Noteholders who tendered will receive new convertibles with the same terms but with net share settlement, which will allow the company to pay cash for the accreted principal amount on conversion and stock for the remaining value.

The company will pay a cash exchange fee of $2.51 for each $1,000 principal amount at maturity of the old convertibles exchanged. The fee was increased from $1.56 on March 15, when the company extended the exchange offer to March 29 from March 14.

International Game Technology is based in Reno, Nev., where it produces computerized gaming machines and systems products.

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