New York-listed gambling and lottery technology/systems provider IGT Group has issued a market tender seeking to sell 7.5% of its corporate debt ‘Notes’ at a target price of $500 million.
The gambling technology firm seeks an outright buyer or multiple parties to purchase the Notes which are due for repayment in 2019. IGT governance has set a purchase price of $1106.25 per $1000 for its Note’s ‘tender offer consideration’.
The 7.5% Note sale will be open until 16 June and maybe extended by IGT governance who will vette all interested buyers.
Presenting the firm’s 2017 forward-looking statement, IGT leadership has highlighted that lowering the firm’s group debt which currently stands at approximately $7.3 billion, to be a key corporate objective.
This June, IGT concluded the sale of its Double Down Interactive division to Korean social games developer DoubleU Games Studio for a sum of $850 million.
Gaining significant value on the asset it acquired in 2012 at ’10.5X Double Down full-year adjusted earnings’, IGT governance stated that the proceeds of the sale would be used to clear/reduce group corporate debt.