LONDON, May 13, 2020 /PRNewswire/ -- International Game
Technology PLC (NYSE:IGT) ("IGT") today announced amendments
to its Revolving Credit Facilities Agreement and Term Loan Facility
Agreement (together, the "Amendments").
"We are pleased to announce the amendments to our revolving
credit facilities agreement and term loan facility agreement," said
Max Chiara, CFO of IGT. "The
amendments provide us flexibility to navigate the near-term
uncertainty caused by the COVID-19 pandemic and demonstrate the
strong support we are receiving from our banking group."
The Amendments modify the Revolving Credit Facilities Agreement
and the Term Loan Facility Agreement by, among other things: (i)
waiving the covenants requiring IGT to maintain a maximum ratio of
total net debt to EBITDA and a minimum ratio of EBITDA to net
interest costs from the fiscal quarter ending June 30, 2020
through the fiscal quarter ending June 30, 2021, (ii)
obligating IGT to maintain minimum liquidity of $500 million during such fiscal quarters, (iii)
increasing the maximum ratio of total net debt to EBITDA that IGT
is required to maintain for the fiscal quarters thereafter, and
(iv) prohibiting dividends and share repurchases through
June 30, 2021 and permitting dividends and share repurchases
thereafter if the ratio of total net debt to EBITDA is below
specified thresholds.
The Amendments provide that from January 20, 2020 through
August 31, 2021, (i) material adverse effects arising from the
COVID-19 pandemic are excluded from the definition of "material
adverse effect", (ii) cessations and suspensions of business
arising from the COVID-19 pandemic will not constitute an event of
default, and (iii) IGT's obligation to grant security over
additional collateral is waived unless its public debt ratings are
lower than BB- or Ba3. The Amendments all provide that until
August 31, 2020, the maximum annual permitted acquisition
amount is decreased to $100
million.
The foregoing description of the Amendments is qualified in its
entirety by reference to the full text of the Amendments, which are
each filed as exhibits to IGT's Report on Form 6-K dated
May 13, 2020.
BofA Securities and Mediobanca - Banca di Credito Finanziario
S.p.A. acted as IGT's Global Coordinators with respect to the
Amendments.
About IGT
IGT (NYSE:IGT) is the global leader in gaming. We deliver
entertaining and responsible gaming experiences for players across
all channels and regulated segments, from Gaming Machines and
Lotteries to Sports Betting and Digital. Leveraging a wealth of
compelling content, substantial investment in innovation, player
insights, operational expertise, and leading-edge technology, our
solutions deliver unrivalled gaming experiences that engage players
and drive growth. We have a well-established local presence and
relationships with governments and regulators in more than 100
countries around the world, and create value by adhering to the
highest standards of service, integrity, and responsibility. IGT
has approximately 12,000 employees. For more information, please
visit www.IGT.com.
Cautionary Statement Regarding Forward-Looking
Statements
This news release may contain forward-looking statements (including
within the meaning of the Private Securities Litigation Reform Act
of 1995) concerning International Game Technology PLC and its
consolidated subsidiaries (the "Company") and other matters. These
statements may discuss goals, intentions, and expectations as to
future plans, trends, events, dividends, results of operations, or
financial condition, or otherwise, based on current beliefs of the
management of the Company as well as assumptions made by, and
information currently available to, such management.
Forward-looking statements may be accompanied by words such as
"aim," "anticipate," "believe," "plan," "could," "would," "should,"
"shall", "continue," "estimate," "expect," "forecast," "future,"
"guidance," "intend," "may," "will," "possible," "potential,"
"predict," "project" or the negative or other variations of them.
These forward-looking statements speak only as of the date on which
such statements are made and are subject to various risks and
uncertainties, many of which are outside the Company's control.
Should one or more of these risks or uncertainties materialize, or
should any of the underlying assumptions prove incorrect, actual
results may differ materially from those predicted in the
forward-looking statements and from past results, performance, or
achievements. Therefore, you should not place undue reliance on
such statements. Factors that could cause actual results to differ
materially from those in the forward-looking statements include
(but are not limited to) the uncertainty of the duration, extent,
and effects of the COVID-19 pandemic and the response of
governments, including government-mandated property closures and
travel restrictions, and other third parties on the Company's
business, results of operations, cash flows, liquidity and
development prospects and the factors and risks described in the
Company's annual report on Form 20-F for the financial year ended
December 31, 2019 and other documents
filed from time to time with the SEC, which are available on the
SEC's website at www.sec.gov and on the investor relations section
of the Company's website at www.IGT.com. Except as required under
applicable law, the Company does not assume any obligation to
update these forward-looking statements. You should carefully
consider these factors and other risks and uncertainties that
affect the Company's business. Nothing in this news release is
intended, or is to be construed, as a profit forecast or to be
interpreted to mean that the financial performance of International
Game Technology PLC for the current or any future financial years
will necessarily match or exceed the historical published financial
performance or International Game Technology PLC, as applicable.
All forward-looking statements contained in this news release are
qualified in their entirety by this cautionary statement. All
subsequent written or oral forward-looking statements attributable
to International Game Technology PLC, or persons acting on its
behalf, are expressly qualified in their entirety by this
cautionary statement.
Contacts
Phil O'Shaughnessy, Global
Communications, toll free in U.S./Canada +1 (844) IGT-7452 and outside
U.S./Canada +1 (401) 392-7452
Francesco Luti, Italian media
inquiries, +39 34 85475493
James Hurley, Investor Relations, +1
(401) 392-7190
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SOURCE International Game Technology PLC