International Game Technology sets roadshow for €500 million six-year secured bullet

By Paul A. Harris

Portland, Ore., June 18 – International Game Technology plc plans to start a roadshow on Tuesday for a €500 million offering senior secured bullet notes due July 2024 (expected ratings Ba2/BB+), according to an informed source.

Initial price talk has the deal coming with a yield in the 3¾% area.

The roadshow wraps up on Wednesday, and the Rule 144A and Regulation S notes are set to price thereafter.

Joint lead bookrunner BNP Paribas will bill and deliver. Banca IMI, Mediobanca and UniCredit are also joint lead bookrunners. Credit Suisse and ING are joint bookrunners.

The notes become callable at par six months prior to maturity but are otherwise non-callable.

The London-based manufacturer of gaming machines plans to use the proceeds to fund tender offers for its 4 1/8% senior secured notes due 2020 and its 4¾% senior secured notes due 2020.

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