International Game driving by with $500 million five-year notes; initial talk 4 3/8%-4½%

By Paul A. Harris

Portland, Ore., March 16 – London-based International Game Technology plc plans to price a $500 million offering of five-year senior secured notes (existing ratings Ba3/BB) in a Tuesday drive-by following a conference call with investors, according to market sources.

Initial guidance has the notes coming to yield 4 3/8% to 4½%, a bond trader said.

Joint lead bookrunner JPMorgan will bill and deliver. Citigroup is also a joint lead bookrunner.

Barclays, BofA, Credit Suisse, ING, Intesa, Mediobanca, Scotia and SG are joint bookrunners.

The Rule 144A and Regulation S for life notes come with two years of call protection.

Proceeds plus a draw on the revolver will be used to redeem $750 million of 6¼ notes due 2022.

International Game Technology produces slot machines, gaming software and related technology.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.