International Game to redeem 4 1/8% notes due 2020 via new notes

By Wendy Van Sickle

Columbus, Ohio, June 11 – International Game Technology plc will fully redeem its €437,605,000 of 4 1/8% senior secured notes due 2020 using proceeds of a €750 million new issue of seven-year 3˝% senior secured notes, according to a press release.

The redemption is slated for June 22 and is conditioned on the company’s receipt of at least €600 million of proceeds from the new issue.

The company priced the new notes (Ba2/BB+) at par on Tuesday, according to market sources.

The issue size was increased from €500 million.

Credit Agricole CIB, UniCredit, Banca IMI, BofA, BNP Paribas, ING and Mediobanca were the joint lead bookrunners.

The London-based gaming company plans to use the proceeds to repay debt under its revolving credit facility and for general corporate purposes.

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