International Game sets redemption price for 4 1/8% notes due 2020

By Sarah Lizee

Olympia, Wash., June 12 – International Game Technology plc set the redemption price for its €437,605,000 of 4 1/8% senior secured notes due 2020.

The notes will be redeemed at a redemption price equal to par plus a make-whole premium calculated using a discount rate equal to the applicable Bund rate plus 50 basis points plus accrued interest to the redemption date of €1.44 per €1,000 of notes.

As previously reported, the notes will be redeemed using proceeds of a €750 million new issue of 3˝% seven-year 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 Securities, 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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