Published on 6/21/2018 in the Prospect News High Yield Daily.
New Issue: International Game Technology prices €500 million six-year notes at par to yield 3½%
By Paul A. Harris
Portland, Ore., June 21 – International Game Technology plc priced a €500 million issue of six-year senior secured bullet notes (Ba2/BB+) at par to yield 3½% on Thursday, according to market sources.
The yield printed tighter than initial price talk in the 3¾% area.
Joint lead bookrunner BNP Paribas will bill and deliver. Banca IMI, Mediobanca and UniCredit were also joint lead bookrunners. Credit Suisse and ING were joint bookrunners.
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.
| Issuer: | International Game Technology plc
|
| Amount: | €500 million
|
| Maturity: | July 15, 2024
|
| Securities: | Senior secured notes
|
| Lead bookrunners: | BNP Paribas (bill and deliver), Banca IMI, Mediobanca, UniCredit
|
| Joint bookrunners: | Credit Suisse, ING
|
| Coupon: | 3½%
|
| Price: | Par
|
| Yield: | 3½%
|
| Spread: | 362 bps
|
| Call protection: | Callable at par six months prior to maturity, otherwise non-callable
|
| Trade date: | June 21
|
| Settlement date: | June 27
|
| Ratings: | Moody's: Ba2
|
| S&P: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Initial price talk: | 3½% area
|
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