Daily News: July 26, 2019

RBS Downsizes International Game Technology Facility


International Game Technology has amended and extended its multicurrency revolving credit facilities and amended its term loan facility.

“We appreciate the support of our lenders in extending the maturity of our revolving credit facilities,” said Alberto Fornaro, CFO of IGT. “We voluntarily reduced the commitments under the facilities, reflecting lower anticipated needs. This leaves us with significant flexibility to pursue compelling opportunities as well as ample liquidity to address debt maturities to 2022.”

The maturity date of the revolving credit facilities was extended from July 26, 2021 to July 31, 2024, and the facilities agreement was amended to reduce the aggregate commitments of the lenders from $1.2 billion and €725 million ($808 million), to $1.05 billion and €625 million ($696 million), respectively.

According to a related 6-K filing, J.P. Morgan and Mediobanca served as global coordinators, bookrunners and mandated lead arrangers. The Royal Bank of Scotland was administrative agent and issuing agent. KeyBank served as swingline agent.

The term loan facilities agreement was amended to modify certain provisions to enhance financial flexibility and amend other nonmaterial provisions to conform with the credit facilities.

IGT is a global gaming company.