IGT reduces credit facility arrangement
New York-listed gambling technology group International Game Technology Plc (IGT) has amended and extended the terms of its multicurrency revolving credit loan facility.
The group said it has extended the ‘maturity date’ of its corporate credit facility from 26 July, 2021 to 31 July, 2024. IGT’s multicurrency credit loan facility was originally sanctioned in July 2017.
Moving to lower its ‘aggregate commitments’ with lenders, IGT governance has reduced its credit loan capacity from $1.2 billion (€725 million) to $1.05 billion (€625 million).
IGT detailed that the credit loan modifications will help the gambling technology group improve its financial flexibility and further amend other ‘non-material provisions’.
In previous trading updates, the company had underlined reducing the firm’s net-debt, which stands at $6.9 billion as of March 2019, as a long-term core corporate directive.
“We appreciate the support of our lenders in extending the maturity of our revolving credit facilities,” said Alberto Fornaro, Group CFO of IGT Plc.
“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.”
Source: SBC News
