Global gaming giant International Game Technology PLC (IGT) says it has reached an agreement with its lenders to increase the level of funding available while extending the maturity date of its loans.
The amended revolving credit facilities will see lenders increase their commitment from a combined US$1.68 billion to US$1.83 billion, while extending the final maturity date to 31 July 2027, while reducing facilities margins by at least 0.25%.
IGT added that amendments to both its revolving credit facilities and its term loan facilities agreements will increase the annual permitted acquisition limit from 10% to 15% of consolidated total assets and the lifetime permitted acquisition limit from US$2.25 billion to US$2.5 billion. They will also increase the annual limit on dividends and share repurchases from US$300 million to US$400 million based on the group’s current public debt ratings and to US$550 million if any two public debt ratings are equal to BB+/Ba1.
“These transactions represent a continuation of the many capital structure initiatives executed over the last few years to bolster our credit profile,” said IGT’s Chief Financial Officer, Max Chiara.
“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.”
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