Published
Financial

IGT secures new €1.5bn term loan facility

Inte

IGTloan
rnational Game Technology (IGT) announced that it has entered into a new €1.5bn term loan agreement as well as an adjustment to its multicurrency revolving credit facilities.

IGT confirmed that this multi-million euro loan, maturing in 2023, will be used to repay a €800m term loan maturing in January 2019 plus €500 million in 6% notes due in February 2018.

The firm has already deliberately reduced commitments of its multicurrency revolving credit facilities by approximately 30% to around €2bn. Currently, the US dollar credit facility is $1.2bn, whilst the Euro stands at €725m.

IGT management believes that this new loan will match anticipated liquidity needs and generate greater flexibility. “We are proactively managing our capital structure to drive significant savings in interest expense, extend maturities, and maximise financial flexibility in executing our business plan,” said Alberto Fornaro, Chief Financial Officer at IGT.

“We expect to deliver an estimated $60m in annualised interest cost savings from the combination of today's announced transactions, the recently completed tender for the 7.500% notes due in June 2019 and repayment of borrowings with proceeds from the recent sale of Double Down Interactive LLC, as well as the repayment of the €500m 6.625% notes due in February 2018 at maturity,” he added.



Premium+ Connections
Premium

Revsharks

 
Premium

Sport Generate

 
Premium

GammaStack

 
 
Premium

Galaxsys

 
Premium

Digitain

 
Premium

Imagine Live

 
Premium

1xBet Partners

 
Premium

RISK

 
Premium

PIN-UP Partners

 
Premium

Lynon

 
Premium Connections
Consultancy

SCCG Management

Executive Profiles
Zeal Network SE

Stefan Tweraser

VIP Play

Les Ottolenghi

Scientific Games

Keshav Pitani

Social & App

Spribe CEO exclusive: Simplicity is the foundation

Spribe CEO David Natroshvili speaks to Gambling Insider abou...

Redefining iGaming: A history of crash games

Crash games is a growing vertical that has taken gambling by...

A certain something: What makes crash games special?

Crash games. They’re simple, they’re easy to learn and,...

Smarter innovation to shape the future

Spribe CCO Giorgi Tsutskiridze discusses the past, present a...

Facing Facts: The corner of quarterly contemplation

With Q1 reports out across the industry, Gambling Insider co...

Taking Stock: A guide to key stock prices across the industry

Gambling Insider tracks prices from some of the industry’s...

15 years of Gambling Insider: From the Founders

Over the last 15 years, Gambling Insider magazine has interv...

15 years of Gambling Insider: The Awards over time

Global Gaming Awards Event Manager Mariya Savova gives us he...