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International Game tenders for 4 1/8% and 4¾% senior secured notes
New York, June 18 – International Game Technology plc announced a tender offer for its €700 million of 4 1/8% senior secured notes due 2020 and its €500 million of 4¾% senior secured notes due 2020 issued with an initial coupon of 3½%. Only 4 1/8% notes issued under Regulation S are eligible for the tender.
For the 4 1/8% notes, the company is offering €1,050 per €1,000 principal amount while the purchase price for the 4¾% notes is €1,070 per €1,000 principal amount, according to a news release.
International Game will also pay accrued interest up to but excluding the settlement date.
The company said it will launch an offering of new euro notes to “take advantage of current market conditions.”
The transactions are intended to extend the average maturity of the issuer’s debt.
International Game intends to purchase a total principal amount of notes in the tender offer that is equal to the gross proceeds from the offering of new notes.
However, the company may change this limitation and said that amount may also be reduced if it decides to pay accrued interest or fees from the new note proceeds.
International Game’s satisfaction that it will receive funds to finance the tender is a condition to the offer.
Tendered notes will only be accepted in minimum amounts of €100,000 and multiples of €1,000 above that for the 4 1/8% notes or multiples of €100,000 for the 4¾% notes.
In addition, notes will not be accepted if the holders will be left with less than €100,000.
The tender expires at 11 a.m. ET on June 25.
Settlement is planned for June 28.
BNP Paribas (+44 20 7595 8668 or liability.management@bnpparibas.com), Deutsche Bank AG, London Branch (+44 20 7545 8011) and Societe Generale (+44 20 7676 7680 or liability.management@sgcib.com) are dealer managers. Lucid Issuer Services Ltd. (+44 20 7704 0880 or igt@lucid-is.com) is tender and information agent.
International Game is a London-based manufacturer of gaming machines.
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