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International Game to redeem 4 1/8% notes due 2020 at 101.712665
By Sarah Lizee
Olympia, Wash., June 20 International Game Technology plc will redeem its 437,605,000 of 4 1/8% senior secured notes due 2020 at a redemption price of 1,017.12665 per 1,000 of notes, according to a notice.
The amount of accrued interest will be 14.55208 per 1,000 of notes.
As previously reported, the redemption price is 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 June 22.
The notes will be redeemed using proceeds of a 750 million new issue of 3½% seven-year senior secured notes, according to a press release.
The redemption was conditioned on the companys receipt of at least 600 million of proceeds from the new issue. The financing condition has been met.
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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