SBC News Voice of the Sports Betting Industry
New York-listed industry technology group International Game Technology (IGT Group) has moved to restructure its corporate debt structure, confirming that it has successfully placed a $750 million senior secured debt note due for 2027.
The transaction sees IGT governance upsize its original debt note of $500 million, previously announced at the start of the week.
Updating investors, IGT governance will place its $750 million senior secured note (6.25%) application on the Euronext Dublin exchange.
The technology group intends to use the net proceeds of the offering, together with proceeds of a utilization under its senior syndicated revolving credit facilities, to redeem its $600,000,000 5.625% senior secured notes due 2020 on September 27, 2018.
IGT governance expects to complete its new debt transaction by 26 September 2018.
IGT completes a period of high activity, in which the group has significantly strengthened its commercial pipeline for the newly liberalised US sports betting market, securing lead technology partnerships for William Hill Us’ Rhode Island and FanDuel New Jersey properties.
