IGT Plc has announced to markets that it has launched a new tender offer to ‘purchase for cash’ $500m of its outstanding $1.1bn senior secured $ notes due for 2025.
Terms of the tender offer have been further applied to the NYSE technology group’s outstanding €uro debt notes of €500m due for 2024.
The tender offer was announced on 2 September, as the board of IGT seeks to redeem $500m in cash from the group’s existing $ and € 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 tranche, IGT has placed a minimum ‘offer sub cap’ (hard-cap) of $350m, whilst the purchase of €uro 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 notes redeemed before 5 pm EST on 16 September.
IGT and its financial advisors plan to conclude the tender offer by 30 September.
A changing global economic outlook saw IGT revise down its full-year revenue targets to $4.1bn – anticipating further currency rate fluctuations impacting the financial results of its business units.
Corporate governance continues to prioritise lowering the group’s long-term debt, which currently stands at $5.7bn.
Of note, H2 trading will see IGT continue to transform its business, as the company expects to complete the integration of newly acquired iSoftBet games and aggregator solutions expanding the products and services of the IGT Digital unit.