IGT Amends Revolving Credit Facilities and Term Loan
Gaming and lottery provider International Game Technology Plc (IGT) announced on Wednesday an amendment and extension to its revolving credit facility agreement and an amendment to its term loan facility agreement.
A press release quotes Max Chiara, Chief Financial Officer of IGT, as saying, “These transactions represent a continuation of the many capital structure initiatives executed over the past few years to strengthen our credit profile.
He added: “The Revolving Credit Facilities Amendment extends the final maturity date of the revolving credit facilities by three years to 2027, reduces interest rate margins and provides greater flexibility under certain non-financial clauses.”
The company said the amendment to its revolving credit facilities increased total lender commitments to about $1.83 billion from about $1.68 billion previously. It also “extends the final maturity date to July 31, 2027” and “reduces install margins by at least 0.25%,” he added.
IGT said the amendments increase the company’s authorized annual acquisition limit from 10% to 15% of consolidated total assets and the authorized lifetime acquisition limit from $2.25 billion to 2.5 billions of dollars.
The amendments also allow for the increase of IGT’s annual dividend and share buyback limit from $300 million to $400 million, based on the group’s current public debt ratings. This limit goes up to $550 million “if two public debt ratings are equal to BB+/Ba1”, and is removed “if two public debt ratings are higher than BB+/Ba1”, the provider said. games.
IGT recorded a net profit of $79 million for the first quarter of this year, on revenues that rose 3.5% year-over-year to just over $1.05 billion.
Earlier this month, the company finalized the acquisition from online gaming provider iSoftBet for approximately €160 million ($163.0 million, at current exchange rates) in cash.