LONDON, July 26, 2017
/PRNewswire/ -- International Game Technology PLC (NYSE:IGT)
("IGT") today announced that it has entered into a €1,500 million
term loan agreement which matures in 2023 and an amendment to its
multicurrency revolving credit facilities which mature in
July 2021.
"We are proactively managing our capital structure to drive
significant savings in interest expense, extend maturities, and
maximize financial flexibility in executing our business plan,"
said Alberto Fornaro, CFO of
IGT. "We expect to deliver an estimated $60 million in annualized 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 €500 million 6.625% notes due in
February 2018 at maturity."
Proceeds from the new €1,500 million term loan will be used to
repay the €800 million term loans maturing in January 2019 and the €500 million 6.625% notes
due in February 2018. The term loan
will be repayable in full at maturity and will bear a variable
interest rate based on certain credit ratings. The agreement
provides for standard covenants and restrictions which are
substantially identical to those found in the amended multicurrency
revolving credit facilities.
IGT also voluntarily reduced the aggregate commitments of the
multicurrency revolving credit facilities by about 30% to
approximately $2,000 million to more
closely match lower anticipated liquidity needs and created more
flexibility under certain financial and non-financial covenants.
The commitments under the US dollar and euro revolving credit
facilities are now $1,200 million and
€725 million, respectively.
Bank of America Merrill Lynch International Limited and
Mediobanca – Banca di Credito Finanziario S.p.A. acted as Global
Coordinators, Bookrunners and Mandated Lead Arrangers; BNP Paribas,
Banca IMI S.p.A. and UniCredit Bank AG acted as Bookrunners and
Mandated Lead Arrangers; and Barclays Bank PLC, Crédit Agricole
CIB, Milan Branch, ING Bank N.V. –
Milan Branch, National Westminster
Bank PLC, Société Générale, The Bank of Nova Scotia and Credit Suisse AG, Milan Branch acted as Mandated Lead Arrangers
with respect to the term loan facility.
About IGT
IGT (NYSE:IGT) is the global leader in
gaming. We enable players to experience their favorite games across
all channels and regulated segments, from Gaming Machines and
Lotteries to Interactive and Social Gaming. Leveraging a wealth of
premium content, substantial investment in innovation, in-depth
customer intelligence, operational expertise and leading-edge
technology, our gaming solutions anticipate the demands of
consumers wherever they decide to play. We have a well-established
local presence and relationships with governments and regulators in
more than 100 countries around the world, and create value by
adhering to the highest standards of service, integrity, and
responsibility. IGT has over 12,000 employees.
Cautionary Statement Regarding Forward-Looking
Statements
This news release may contain forward-looking
statements (including within the meaning of the Private Securities
Litigation Reform Act of 1995) concerning International Game
Technology PLC and its consolidated subsidiaries (the "Company")
and other matters. These statements may discuss goals, intentions,
and expectations as to future plans, trends, events, dividends,
results of operations, or financial condition, or otherwise, based
on current beliefs of the management of the Company as well as
assumptions made by, and information currently available to, such
management. Forward-looking statements may be accompanied by words
such as "aim," "anticipate," "believe," "plan," "could," "would,"
"should," "shall", "continue," "estimate," "expect," "forecast,"
"future," "guidance," "intend," "may," "will," "possible,"
"potential," "predict," "project" or the negative or other
variations of them. These forward-looking statements speak only as
of the date on which such statements are made and are subject to
various risks and uncertainties, many of which are outside the
Company's control. Should one or more of these risks or
uncertainties materialize, or should any of the underlying
assumptions prove incorrect, actual results may differ materially
from those predicted in the forward-looking statements and from
past results, performance, or achievements. Therefore, you should
not place undue reliance on such statements. Factors that could
cause actual results to differ materially from those in the
forward-looking statements include (but are not limited to) the
factors and risks described in the Company's annual report on Form
20-F for the financial year ended December
31, 2016 and other documents filed from time to time with
the SEC, which are available on the SEC's website at www.sec.gov
and on the investor relations section of the Company's website at
www.IGT.com. Except as required under applicable law, the Company
does not assume any obligation to update these forward-looking
statements. You should carefully consider these factors and other
risks and uncertainties that affect the Company's business. Nothing
in this news release is intended, or is to be construed, as a
profit forecast or to be interpreted to mean that financial
performance of the Company for the current or any future financial
years will necessarily match or exceed the historical published
financial performance of the Company, as applicable. All
forward-looking statements contained in this news release are
qualified in their entirety by this cautionary statement. All
subsequent written or oral forward-looking statements attributable
to International Game Technology PLC, or persons acting on its
behalf, are expressly qualified in its entirety by this cautionary
statement.
Contact:
Robert K.
Vincent, Corporate Communications, toll free in
U.S./Canada (844) IGT-7452;
outside U.S./Canada (401)
392-7452
James Hurley, Investor Relations,
(401) 392-7190
Simone Cantagallo, (+39) 06
51899030; for Italian media inquiries
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SOURCE International Game Technology PLC