IGT sanctions capped $300m senior debt note sale

IGT Group has sanctioned a ‘tender offer’ to ‘purchase for cash’ an aggregate sum of $300 million, representing 6.25% of its corporate senior secured debt notes, due for repayment in 2022.

The New York-listed gambling technology and lottery systems supplier has undertaken its debt sale subject to terms and conditions set forth in its ‘offer to purchase’ summary published on 8 June 2020.

Issuing its market filing, IGT confirmed that the tender offer will be made available until 6 July 2020 at 11:59 pm New York time.

Incentivising the transaction, IGT will offer an ‘early premium’ to investors of a guaranteed $30 per $1000 of senior secured notes purchased.

To participate in the transaction’s early premium, investors must validate their debt note offers by 19 June 2020 (5:00 pm), in which bidding parties will not be allowed withdraw their offers unless IGT extends the incentive’s time.

Investors who choose not to take-up IGT’s ‘early premium’ offer, will receive the standard tender consideration of $20 per $1000 of senior notes purchased.

In addition to the tender offer, all holders of notes accepted for purchase will also receive accrued and unpaid interest on them, rounded to the nearest $0.01 per $1,000 principal amount of notes.

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