A week after being created by a merger of slot manufacturer International Game Technology and GTECH S.p.A., the newly listed International Game Technology Plc offered to buy back two series of notes previously issued by IGT, for cash.
The purchase offer, which carries a combined aggregate principal of $800 million, equals 101 percent of the principal amount of the notes plus any accrued and unpaid interest up to, but not including, the date of purchase of the notes. The notes are due in 2020 and 2023, respectively.
The offers are being made to satisfy the requirements of the indentures governing the notes as a result of the merger. IGT also is offering to pay $2.5 million in cash consent fees to holders of the notes who consent to amendments changing the terms of each series. The goal of the amendments is to reflect the corporate changes following the merger.
The consent deadline is April 23. Payment of the consent fee for each series of the notes is subject to International Game Technology receiving a majority of consents with respect to such series.
