Vol. 7 • No. 22 • June 15, 2009 - Print This Issue
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Vol. 7 • No. 22 • June 15, 2009, GOODS & SERVICES
IGT Amends Credit Facility
Slot manufacturer IGT has amended and restated its credit facility, while extending commitments under the prior facility with a group of 28 lender banks.
Leading slot manufacturer International Game Technology announced today that it has amended and restated its credit facility to extend approximately $1.7 billion of the commitments under the prior facility with a group of 28 lender banks until June 8, 2012.
The extended portion of the credit facility generally provides for an interest rate equal to LIBOR plus 260 basis points on borrowings and a facility fee equal to 65 basis points, payable on the extended commitments, at the Baa2/BBB pricing level. The facility fee and interest rate are subject to adjustment, on a sliding scale, based upon the debt rating of IGT's senior unsecured debt.
The balance of commitments remaining from IGT’s prior credit facility, totaling approximately $410 million, continue under the amended and restated credit facility and will expire as previously scheduled on December 19, 2010. As of June 8, 2009, aggregate outstanding borrowings under the credit facility totaled approximately $810 million, compared to approximately $1.54 billion as of March 31, 2009.
The extended portion of the credit facility generally provides for an interest rate equal to LIBOR plus 260 basis points on borrowings and a facility fee equal to 65 basis points, payable on the extended commitments, at the Baa2/BBB pricing level. The facility fee and interest rate are subject to adjustment, on a sliding scale, based upon the debt rating of IGT's senior unsecured debt.
The balance of commitments remaining from IGT’s prior credit facility, totaling approximately $410 million, continue under the amended and restated credit facility and will expire as previously scheduled on December 19, 2010. As of June 8, 2009, aggregate outstanding borrowings under the credit facility totaled approximately $810 million, compared to approximately $1.54 billion as of March 31, 2009.
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