SBC News Voice of the Sports Betting Industry
IGT Plc has refinanced €500 million in senior-secured euro debt notes.
On Tuesday, 10 September, the board of the NYSE-listed gambling and lotteries technology group initiated the refinancing of euro debt notes due in 2030.
Its subsidiary, Lottery Holdings B.V., priced and listed the debt notes on the Dublin Euronext exchange, making them exclusively available to private non-US investors.
IGT plans to use the funds raised from the bond offering to repay $499 million of existing senior-secured notes due in 2025.
Following the transaction, IGT refinanced €500 million of its European debt tranche at a 4.250% interest rate, which will apply from 2030 onwards.
The company expects to settle the notes on 18 September 2024, pending standard market and closing conditions.
As part of its restructuring, the NYSE group is realigning its debt structure while Apollo Global, a US private equity fund, moves to acquire IGT’s Global Gaming and PlayDigital units.
In July, IGT’s board approved Apollo’s offer to merge IGT’s Global Gaming and PlayDigital units with US partner Everi Holdings Inc. in a $6.3 billion deal.
IGT is set to receive $4.05 billion in cash proceeds from the sale of its Global Gaming and PlayDigital units, which will be merged with Everi to form a new business under Apollo’s ownership.
After the divestment, IGT will focus solely on its lottery technology operations and rebrand itself with a new name and NYSE ticker.
Grupo De Agostini, IGT’s majority shareholder, will make a minority investment in the new combined business.
