IGT has launched a public tender offer for $500 million of its $1.1 billion senior guaranteed notes due 2025 in a buy-for-cash settlement. In addition, the tender offer was applied to the global lottery and gaming company’s outstanding Europe-related debt notes due in 2024.
The public offering was announced on September 2, with IGT’s board aiming to redeem $500 million in cash from the group’s existing dollar and euro debt. The terms of the tender offer were disclosed to NYSE investors, in which IGT placed an ‘Acceptance Priority Level’ on its redemptions of the guaranteed notes.
Regarding its $1.1 billion debt, IGT has placed a hard-cap of $350 million, while the purchase of euro banknotes will remain unrestricted.
Other incentives make the tender offer an ‘early premium’ that will provide bondholders with a $30/€30 discount on every $1,000/€1,000 note redeemed before 16 September.
IGT and its financial advisors plan to complete the public offering by September 30, imposing a deadline in accordance with New York time.
IGT updated revenue targets for the year 2022
As a result of uncertain macroeconomic conditions, IGT revised its full-year revenue targets to $4.1 billion, anticipating further exchange rate fluctuations that would affect its financial results.
Corporate governance continues to prioritize the reduction of the group’s long-term debt, which currently stands at US$5.7 billion. Therefore, the company is expected to continue to transform, with the integration of iSoftBet games and aggregation solutions expected to take place in the coming months.