In a series of financial statements made this week, International Game Technology (IGT) has announced the launch of an offer to purchase for cash up to $300m aggregate principal amount of its 6.250% senior secured notes due 2022. The tender offer is made upon the terms and subject to the conditions set forth in the offer to purchase dated June 8, 2020.
The tender offer will expire at 11:59pm, New York City time, on July 6, 2020, unless extended or earlier terminated. Holders who tender their notes may withdraw them at any time prior to 5pm, New York City time, on July 6, 2020.
To receive the total consideration, which includes an early tender premium of $30 per $1,000 principal amount of the notes accepted for purchase pursuant to the tender offer, holders must validly tender and not validly withdraw their notes prior to 5pm, New York City time, on June 19, 2020, unless extended.
Holders who validly tender their notes after the early tender time but at or prior to the expiration time will be eligible to receive only the tender offer consideration, which is an amount equal to the total consideration less the early tender premium.
In addition to the tender offer, all holders of notes accepted for purchase will also receive accrued and unpaid interest on them, rounded to the nearest $0.01 per $1,000 principal amount of notes.
The firm has also announced an offering of new notes. The tender offer is conditioned upon, inter alia, the company obtaining available funds sufficient to pay the total consideration or tender offer consideration.