IGT secures new €1.5bn term loan facility
International 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.
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