LONDON, July 26, 2021 /PRNewswire/ -- International
Game Technology PLC (NYSE:IGT) ("IGT") today announced that
it has entered into an Amendment and Extension Agreement with
respect to its term loan facility (the "Amendment and Extension
Agreement").
"We are pleased to announce a successful refinancing of our term
loan facility agreement," said Max
Chiara, CFO of IGT. "This transaction is another step of
a plan to enhance our credit profile, generate additional liquidity
and extend debt maturities. It will extend the weighted average
maturity of our debt instruments to approximately five years. Based
on the current balances and interest rates of the Company's debt,
we expect this transaction and the debt transactions closed earlier
this year to result in approximately $65
million in lower annualized interest expense going
forward. We also added an environmental, social and governance
(ESG) margin adjustment, highlighting IGT's commitment to
sustainability."
The Amendment and Extension Agreement, among other things: (i)
increases the amount of the aggregate term loan facilities from
€860,000,000 to €1,000,000,000, (ii) extends the maturity date of
the term loan facilities to January 25,
2027, (iii) reduces the applicable interest rate by 35 basis
points based on current debt ratings, (iv) provides for a maximum
decrease or increase of an additional 7.5 basis points in the
margin based on ESG factors, (v) requires €200,000,000 in annual
amortization payments in each of 2024, 2025 and 2026, with the
remaining €400,000,000 balance due at maturity, and (vi) maintains
and extends existing financial covenant thresholds.
The foregoing description of the Amendment and Extension
Agreement is qualified in its entirety by reference to the full
text of the Amendment and Extension Agreement, which is attached as
an exhibit to IGT's current report on Form 6-K furnished to
the Securities and Exchange Commission on July 26, 2021.
Bank of America Europe Designated Activity Company and
Mediobanca - Banca di Credito Finanziario S.p.A acted as IGT's
Global Coordinators and Sustainability Coordinators while
Mediobanca acted as Agent.
About IGT
IGT (NYSE:IGT) is the global leader in gaming. We deliver
entertaining and responsible gaming experiences for players across
all channels and regulated segments, from Gaming Machines and
Lotteries to Sports Betting and Digital. Leveraging a wealth of
compelling content, substantial investment in innovation, player
insights, operational expertise, and leading-edge technology, our
solutions deliver unrivalled gaming experiences that engage players
and drive growth. 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 approximately 11,000 employees. For more information, please
visit www.IGT.com.
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 IGT 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, 2020 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. 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 their
entirety by this cautionary statement.
Contacts
Phil
O'Shaughnessy, Global Communications, toll free in
U.S./Canada +1 (844) IGT-7452 and
outside U.S./Canada +1 (401)
392-7452
Francesco Luti, Italian media
inquiries, +39 34 85475493
James Hurley, Investor Relations, +1
(401) 392-7190
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SOURCE International Game Technology PLC