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International Game accepts upsized $500 million in tender for 6¼% notes
By Wendy Van Sickle
Columbus, Ohio, June 22 – International Game Technology plc accepted early tenders of $499,999,000 of its outstanding $1.5 billion 6¼% senior secured notes due 2022 (ISINs: USG4863AAB47, US460599AB91) at a proration factor of 42.551%, according to a news release Monday.
The company elected to increase the tender cap to $500 million from the $300 million maximum amount announced when the tender offer opened on June 8.
Noteholders whose early tenders were accepted are eligible to receive the full consideration of $1,050 per $1,000 principal amount of notes plus interest.
The early tender consideration is $30.
The early tender time was 5 p.m. ET on June 19.
The offer will expire at 11:59 p.m. ET on July 6, but the company said it will not accept any notes tendered after the early deadline.
Early settlement is expected for June 23.
The offer was subject to a financing condition of a new note offering. The company 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 drive-by on June 8, as previously reported. That offering closed on Friday.
D.F. King & Co. is working as the tender and information agent (212 269-5550, 800 207-3158, igt@dfking.com).
Joint lead dealer managers are Barclays (800 438-3242, 212 528-7581, us.lm@barclays.com) and Merrill Lynch International (London: +44 20 7996 5420, U.S.: 888 292-0070, collect: 980 388-3646, DG.LM-EMEA@bofa.com).
International Game Technology is a gaming company based in Las Vegas. Gtech, formerly known as Lottomatica Group SpA, was based in Rome.
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