International Game Technology (IGT) has announced the offering of $500,000,000 aggregate principal amount of senior secured notes due 2027 (the notes) subject to customary market and closing conditions (the offering). Application has been made for the notes to be listed on the Official List of Euronext Dublin and admitted to trading on the Global Exchange Market of Euronext Dublin.

The company said it intends to use the net proceeds of the offering, together with proceeds of a utilization under its senior syndicated revolving credit facilities, to redeem its $600,000,000 5.625% senior secured notes due 2020 on September 27, 2018, at a redemption price equal to $1,028.43 per $1,000 of principal amount of the 5.625% notes due 2020.

The redemption is conditioned on IGT’s receipt of at least $500,000,000 in gross proceeds from the offering. A conditional notice of the redemption was sent to all registered holders of the 5.625% notes due 2020 on September 17, 2018. This statement does not constitute the conditional notice of the redemption, said the firm.

It stated: “The notes have not been, and will not be, registered under the Securities Act of 1933, as amended and may not be offered or sold in the United States without registration under the Securities Act or pursuant to an applicable exemption from such registration. The notes are being offered and sold only (i) in the United States to qualified institutional buyers in accordance with Rule 144A under the Securities Act and (ii) outside the United States to non-US persons in accordance with Regulation S under the Securities Act.