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July 27, 2022 Legal, iGaming, Finance

IGT announces amendment and extension of revolving credit facilities

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Among other changes, the RCF amendment increases the aggregate commitments of the lender.

International Game Technology PLC or IGT announced the closing of an amendment, an extension of its revolving credit facilities (RCF) agreement and an amendment of its term loan facilities (TLF) agreement.

The RCF amendment increases the aggregate commitments of the lenders from approximately $1.68bn to approximately $1.83bn.

This amendment also extends the final maturity date to July 31, 2027 and reduces the margins by at least 0.25%. 

Amendments to the RCF and TLF will increase the annual permitted acquisition limit from 10% to 15% of consolidated total assets and the lifetime permitted acquisition limit from $2.25bn to $2.5bn.

This also increases the annual limit on dividends and share repurchases from $300m to $400m based on the group's current public debt ratings. 

IGT CFO Max Chiara commented: "These transactions represent a continuation of the many capital structure initiatives executed over the last few years to bolster our credit profile.

"The RCF amendment extends the final maturity date of the revolving credit facilities by three years to 2027, reduces the interest rate margins, and provides greater flexibility under certain non-financial covenants."

Bank of America, Mediobanca - Banca di Credito Finanziario S.p.A. and UniCredit acted as the global coordinators with respect to the amendments.

Just days ago, IGT announced the launch of iLottery games in Michigan. IGT Global Solutions Corporation signed an agreement to deliver iLottery content through its remote gaming server (RGS) to the Michigan Lottery.

The Michigan Lottery is the fourth lottery in the US to have access to IGT's portfolio, joining Georgia, Kentucky and Rhode Island. 

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