IGT Announces Senior Secured Notes Offering

What Does This Mean?

On January 18, 2023, IGT, the global leader in gaming, announced an offering of $1.25 billion aggregate principal amount of 6.500% senior secured notes due 2031 (the “Notes”). The Notes will be offered and sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”).

The net proceeds from the offering will be used to repay all outstanding amounts under IGT's existing senior secured credit facilities and for general corporate purposes, which may include the redemption or repayment of all or a portion of IGT's outstanding 6.750% senior notes due 2025.

The Notes will be issued pursuant to an indenture between IGT and Wilmington Trust, National Association, as trustee. The Notes will be IGT's senior obligations and will be secured by a first-priority lien on substantially all of IGT's domestic assets.

Why Is This Important?

This offering is significant for several reasons. First, it will allow IGT to refinance its existing senior secured credit facilities on more favorable terms. Second, it will provide IGT with additional financial flexibility to pursue its growth strategy. Third, it demonstrates the continued confidence of investors in IGT's business and its long-term prospects.

What's Next?

The offering is expected to close on or about January 25, 2023, subject to customary closing conditions. IGT will use the proceeds from the offering to repay its existing senior secured credit facilities and for general corporate purposes.

Additional Information

IGT is a global leader in gaming. The company's products and services include gaming machines, gaming content, and gaming systems. IGT's customers include casinos, racetracks, and other gaming establishments.

The offering of Notes is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission (the "SEC"). The prospectus supplement and the accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website at www.sec.gov.