International Game Technology plans to redeem 6¼ notes due 2022

By Rebecca Melvin

New York, March 16 – International Game Technology plc plans to redeem its 6¼ notes due 2022 with proceeds of a new notes offering and a draw on its revolving credit facility, according to a company news release.

The notes may be redeemed in whole or in part pursuant to a make-whole call option under its indenture.

The company plans to price a $500 million offering of five-year senior secured notes in a Tuesday drive-by, according to market sources. Initial guidance was for the notes to yield 4 3/8% to 4½%.

JPMorgan, Citigroup, Barclays, BofA, Credit Suisse, ING, Intesa, Mediobanca, Scotia and SG are joint bookrunners of the new notes.

The London-based company makes slot machines, gaming software and related technology.

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