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International Game gets tenders for €374.5 million 4 1/8%, 4¾% notes
By Susanna Moon
Chicago, June 26 – International Game Technology plc said investors had tendered €262,395,000 of its €700 million of 4 1/8% senior secured notes due 2020 and €112.1 million of its €500 million of 4¾% senior secured notes due 2020.
If it meets the offer conditions, International Game plans to accept for purchase all of the tendered notes, according to a company update on Tuesday.
As announced June 18, the 4¾% notes were issued with an initial coupon of 3½%. Also, only 4 1/8% notes issued under Regulation S are eligible for the tender.
For the 4 1/8% notes, the company was offering €1,050 per €1,000 principal amount while the purchase price for the 4¾% notes will be €1,070 per €1,000 principal amount.
International Game will also pay accrued interest up to but excluding the settlement date.
The company said it was launching an offering of new euro notes to “take advantage of current market conditions.”
International Game priced €500 million of six-year senior secured bullet notes at par to yield 3½% on June 21.
The transactions are intended to extend the average maturity of the issuer’s debt.
International Game previously said it intended to purchase a total principal amount of notes in the tender offer that was equal to the gross proceeds from the offering of new notes.
The tender expired 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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