IGT announces new us$ 1 billion share repurchase authorization

The accelerated stock buyback will be conducted as the first part of the company's new us$ 1 billion share repurchase authorization.  The remaining us$ 600 million is currently anticipated to be utilized over the next 3 to 4 years.

These actions demonstrate the Board of Directors' confidence and IGT's continued dedication to responsible capital deployment.  Over the past 10 years, IGT has returned over us$ 4 billion in cash to shareholders in share repurchases and dividends. 

IGT will fund the accelerated stock buyback using cash on hand and borrowings from the Company's revolving credit facility.  The new us$ 1 billion share repurchase authorization will replace the company's previously announced us$ 500 million authorization. Under the terms of the agreement, IGT will pay Goldman Sachs us$ 400 million on June 19 and will receive initial deliveries of approximately 21 million shares, representing a substantial majority of the shares expected to be retired over the course of the accelerated stock buyback. 

The total number of shares ultimately repurchased under the agreement will be determined based on the daily volume-weighted average share price of IGT's common stock during the repurchase period less a discount, and subject to a cap provision that will establish a minimum number of shares repurchased. IGT is filing a Current Report on Form 8-K with the Securities and Exchange Commission describing the accelerated stock buyback agreement in more detail.