IGT signs US$ 750 million credit facility
The new facility provides a lower all-in drawn interest rate, extends the maturity from June 2012 to April 2016 and allows for capacity and structural flexibility.
The Company may request an increase in the facility size up to an additional US$ 250 million at any time during the life of the facility.
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 or Net Funded Debt to EBITDA, whichever is more favorable to the Company. Initially, the applicable interest rate will be equal to LIBOR plus 122.5 basis points on borrowings and a facility fee equal to 27.5 basis points, at the Baa2/BBB pricing level.
IGT engaged Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and RBS Securities Inc. as Joint Lead Arrangers and Joint Book Runners. Wells Fargo Bank, N.A. serves as Syndication Agent, Bank of America, N.A. serves as Administrative Agent and The Royal Bank of Scotland plc, Union Bank, N.A. and Mizuho Corporate Bank, Ltd. serve as Co-Documentation Agents.
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