{"id":223455,"date":"2022-07-27T14:23:07","date_gmt":"2022-07-27T19:23:07","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=223455"},"modified":"2022-07-27T15:26:51","modified_gmt":"2022-07-27T20:26:51","slug":"igt-amends-loans-extends-maturities-to-save-cash","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/igt-amends-loans-extends-maturities-to-save-cash\/","title":{"rendered":"IGT Amends Credit Facility, Extends Maturity Date"},"content":{"rendered":"

International Game Technology (NYSE:IGT) has announced some added financial flexibility, saying it amended a revolving credit facility, providing access to more capital and a longer maturity date.<\/p>\n

\"IGT\"
A bank of IGT’s popular ‘Wheel of Fortune’<\/em> slots. The company is altering some financial accords to save cash. (Image: TheStreet<\/em>)<\/figcaption><\/figure>\n

The lottery operator and slot machine manufacturer also amended its term loan facilities, gaining another layer of fiscal breathing room in the process.<\/p>\n

Among other changes, the revolving credit facility amendment increases the aggregate commitments of the lenders from approximately US$1.68 billion equivalent (US$1.05 billion and \u20ac625 million) to approximately US$1.83 billion equivalent (US$820 million and \u20ac1.00 billion), extends the final maturity date to July 31, 2027 and reduces the facilities margins by at least 0.25% (0.40% at current debt ratings),\u201d<\/strong> according to a statement issued by the company.<\/p><\/blockquote>\n

The moves are relevant because IGT reduces its annual interest expense<\/a>, which meshes with its ongoing efforts to pare debt and firm its balance sheet.<\/p>\n

More Important IGT Details<\/h2>\n

The UK-based gaming technology company provides back-end services and solutions for lotteries and sportsbooks<\/a> worldwide, and manufactures slot machines.<\/p>\n

\n

For IGT investors, there are other potential benefits in the revolving credit facility and term loan amendments. The added flexibility could set the stage for the gaming supplier to allocate more cash to acquisitions and shareholder rewards.<\/p>\n<\/div>\n

\u201cThe RCF and TLF amendments, among other changes, (i) increase the annual permitted acquisition limit from 10% to 15% of consolidated total assets and the lifetime permitted acquisition limit from US$2.25 billion to US$2.5 billion and (ii) increase the annual limit on dividends and share repurchases from US$300 million to US$400 million based on the group’s current public debt ratings and to US$550 million if any two public debt ratings are equal to BB+\/Ba1 and eliminates such limit if any two public debt ratings are higher than BB+\/Ba1,\u201d the company said in the statement.<\/p>\n

Translation: The higher IGT\u2019s credit rating trend, the more flexibility the company has to boost buybacks and dividends. IGT yields 4.44% and announced a massive share repurchase program<\/a> last November.<\/strong><\/p>\n

Interesting IGT Tidbits<\/h2>\n

While shares of IGT are down 37.70% year-to-date, the name isn\u2019t bereft of catalysts with which to lure investors. In addition to the newly attained financial flexibility above, the gaming company is bolstering its balance sheet.<\/p>\n

\n

Add to that its lottery business, one of the world\u2019s largest. Lottery assets are cash generators and desirable in the investment community. Still, they often don\u2019t get full credit when the parent company has other lines of business, as with IGT.<\/p>\n<\/div>\n

IGT\u2019s newly created, dedicated iGaming and sports wagering unit<\/a> could eventually be a spin-off candidate, as the company looks for other avenues to unlock shareholder value.<\/p>\n","protected":false},"excerpt":{"rendered":"

International Game Technology (NYSE:IGT) has announced some added financial flexibility, saying it amended a revolving credit facility, providing access to more capital and a longer maturity date. The lottery operator and slot machine manufacturer also amended its term loan facilities, gaining another layer of fiscal breathing room in the process. Among other changes, the revolving […]<\/p>\n","protected":false},"author":46,"featured_media":223456,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,69293],"tags":[81903,82048,81890],"acf":[],"yoast_head":"\nIGT Amends Loans, Extends Maturities To Save Cash<\/title>\n<meta name=\"description\" content=\"IGT Amends credit facility, term loan to gain financial flexibility.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IGT Amends Loans, Extends Maturities To Save Cash\" \/>\n<meta property=\"og:description\" content=\"IGT Amends credit facility, term loan to gain financial flexibility.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/igt-amends-loans-extends-maturities-to-save-cash\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-27T19:23:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-27T20:26:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/07\/WOF.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/igt-amends-loans-extends-maturities-to-save-cash\/\",\"url\":\"https:\/\/www.casino.org\/news\/igt-amends-loans-extends-maturities-to-save-cash\/\",\"name\":\"IGT Amends Loans, Extends Maturities To Save Cash\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/igt-amends-loans-extends-maturities-to-save-cash\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/igt-amends-loans-extends-maturities-to-save-cash\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/07\/WOF.jpg\",\"datePublished\":\"2022-07-27T19:23:07+00:00\",\"dateModified\":\"2022-07-27T20:26:51+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"IGT Amends credit facility, term loan to gain financial flexibility.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/igt-amends-loans-extends-maturities-to-save-cash\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/igt-amends-loans-extends-maturities-to-save-cash\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/igt-amends-loans-extends-maturities-to-save-cash\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/07\/WOF.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/07\/WOF.jpg\",\"width\":1200,\"height\":675,\"caption\":\"A bank of IGT's popular Wheel of Fortune slots. The stock spiked Thursday on rumors Apollo may buy IGT's slot unit. (Image: TheStreet)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/igt-amends-loans-extends-maturities-to-save-cash\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Financial\",\"item\":\"https:\/\/www.casino.org\/news\/financial\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"IGT Amends Credit Facility, Extends Maturity Date\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"IGT Amends Loans, Extends Maturities To Save Cash","description":"IGT Amends credit facility, term loan to gain financial flexibility.","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"IGT Amends Loans, Extends Maturities To Save Cash","og_description":"IGT Amends credit facility, term loan to gain financial flexibility.","og_url":"https:\/\/www.casino.org\/news\/igt-amends-loans-extends-maturities-to-save-cash\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2022-07-27T19:23:07+00:00","article_modified_time":"2022-07-27T20:26:51+00:00","og_image":[{"width":1200,"height":675,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/07\/WOF.jpg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/igt-amends-loans-extends-maturities-to-save-cash\/","url":"https:\/\/www.casino.org\/news\/igt-amends-loans-extends-maturities-to-save-cash\/","name":"IGT Amends Loans, Extends Maturities To Save Cash","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/igt-amends-loans-extends-maturities-to-save-cash\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/igt-amends-loans-extends-maturities-to-save-cash\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/07\/WOF.jpg","datePublished":"2022-07-27T19:23:07+00:00","dateModified":"2022-07-27T20:26:51+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"IGT Amends credit facility, term loan to gain financial flexibility.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/igt-amends-loans-extends-maturities-to-save-cash\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/igt-amends-loans-extends-maturities-to-save-cash\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/igt-amends-loans-extends-maturities-to-save-cash\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/07\/WOF.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/07\/WOF.jpg","width":1200,"height":675,"caption":"A bank of IGT's popular Wheel of Fortune slots. The stock spiked Thursday on rumors Apollo may buy IGT's slot unit. (Image: TheStreet)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/igt-amends-loans-extends-maturities-to-save-cash\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Financial","item":"https:\/\/www.casino.org\/news\/financial\/"},{"@type":"ListItem","position":3,"name":"IGT Amends Credit Facility, Extends Maturity Date"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/223455"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=223455"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/223455\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/223456"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=223455"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=223455"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=223455"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}