By Paul A. Harris
Chicago, March 16 – London-based International Game Technology plc sold an upsized $750 million offering of 4 1/8% senior secured notes due 2026 (existing ratings Ba3/BB) in a Tuesday drive-by following a conference call with investors, according to market sources and a press release.
Initial guidance had 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.
| Issuer: | International Game Technology plc
|
| Issue: | Senior secured notes
|
| Amount: | $750 million
|
| Maturity: | 2026
|
| Bookrunners: | JPMorgan (bill and deliver), Citigroup, Barclays, BofA, Credit Suisse, ING, Intesa, Mediobanca, Scotia and SG
|
| Coupon: | 4 1/8%
|
| Call features: | Two years call protection
|
| Trade date: | March 16
|
| Settlement date: | March 25
|
| Ratings: | Moody’s: Ba3
|
| S&P: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 4 3/8% to 4½% yield area
|
| Marketing: | Investor conference call
|
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