IGT has launched a tender offer to gain $500m of its outstanding $1.1bn senior secured notes due for 2025 in purchase for cash deal.
Furthermore, the tender offer has been applied to the global lottery and gaming firm’s outstanding European-related debt notes of €500m due in 2024.
The tender offer was announced on September 2, with the board of IGT aiming to redeem $500m in cash from the group’s existing dollar and euro debt tranches.
Terms of the tender offer were disclosed to NYSE investors, in which IGT has placed an ‘Acceptance Priority Level’ on its secured note redemptions.
In relation to its US $1.1bn debt, IGT has placed a minimum ‘offer sub cap’ (hard-cap) of $350m, whilst the purchase of euro notes will remain unrestricted.
Further incentives see the tender offer carry an ‘early premium’ that will provide bondholders with a $30/€30 discount on every $1000/€1000 note redeemed before 5 pm EST on 16 September.
IGT and its financial advisors plan to conclude the tender offer by 30 September, imposing a deadline of 11:59 New York time on that day.
As a result of uncertain macroeconomic conditions, IGT revised its full-year revenue targets down to $4.1bn, anticipating further currency rate fluctuations impacting its financial results.
Corporate governance continues to prioritize lowering the group’s long-term debt, which currently stands at $5.7bn.
H2 will see IGT continue to transform, with the integration of newly acquired iSoftBet games and aggregator solutions expected to occur in the coming months.
