New Issue: International Game Technology prices upsized $750 million 5¼% 8.5-year notes at par

By Paul A. Harris

Portland, Ore., June 8 – International Game Technology plc priced an upsized $750 million issue of 5¼% senior secured notes due Jan. 15 2029 (Ba3/BB) at par to yield 5.249% in a Monday drive-by, according to market sources.

Barclays and BofA Securities Inc. were lead active bookrunners. Bookrunners were BNP Paribas, Fifth Third Bank, J.P. Morgan Securities LLC, Mediobanca, Scotia Capital, USI, Wells Fargo Securities LLC and KeyBanc Capital Markets.

The yield printed 12.6 basis points through yield in the 5½% area. Initial talk was in the high 5% area.

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.

Issuer:	International Game Technology plc
Amount:	$750 million, increased from $500 million
Maturity:	Jan. 15, 2029
Securities:	Senior secured notes
Lead active bookrunners:	Barclays (bill and deliver) and BofA Securities Inc.
Bookrunners:	BNP Paribas, Fifth Third Bank, J.P. Morgan Securities LLC, Mediobanca, Scotia Capital, USI, Wells Fargo Securities LLC and KeyBanc Capital Markets
Coupon:	5¼%
Price:	Par
Yield:	5.249%
Spread:	447 bps
First call:	Jan. 15, 2024 at 102.625
Trade date:	June 8
Settlement date:	June 19
Ratings:	Moody's: Ba3
	S&P: BB
Distribution:	Rule 144A and Regulation S for life
Price talk:	5½% area
Marketing:	Drive-by

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