International Game Technology PLC Announces Amendment and Extension of Revolving Credit Facilities and Amendment of Term Loan Facilities

LONDON, July 27, 2022 /PRNewswire/ — International Game Technology PLC (NYSE: IGT) (“IGT“) today announced the closing of an amendment and extension of its Revolving Credit Facility (“RCF”) agreement and an amendment of its Term Loan Facility (“TLF”) agreement .

“These transactions represent a continuation of the many capital structure initiatives executed over the past few years to strengthen our credit profile,” said Max ChiaraCFO of IGT. “The RCF Amendment extends the final maturity date of the three-year revolving credit facilities to 2027, reduces interest rate margins and provides greater flexibility under certain non-financial covenants.”

Among other changes, the RCF Amendment increases overall lender commitments by approximately US$1.68 billion equivalent (US$1.05 billion and 625 million euros) to approximately US$1.83 billion equivalent ($820 million and €1.00 billion), extends the final maturity to July 31, 2027, reduces facility margins by at least 0.25% (0.40% at current debt ratings) and provides for a maximum increase or decrease of 0.075% in these margins depending on the group’s ESG rating (which is similar to the TLF’s ESG margin adjustment provision). The amendments to the RCF and TLF, among other amendments, (i) increase the annual authorized vesting limit from 10% to 15% of total consolidated assets and the lifetime authorized vesting limit from US$2.25 billion at US$2.5 billion and (ii) increase the annual cap on dividends and share buybacks $300 million at 400 million US dollars based on the group’s current public debt ratings and US$550 million if two public debt ratings are equal to BB+/Ba1 and eliminates this limit if two public debt ratings are greater than BB+/Ba1.

The foregoing description of the Amendments is qualified in its entirety by reference to the full text of the Amended and Restated Senior Facilities Agreement for the RCF and the Compliant Senior Facilities Agreement for the TLF, each of which is filed as as attachments to IGT’s report on Form 6-K dated July 27, 2022.

Bank of America, Mediobanca – Banca di Credito Finanziario SpA and UniCredit acted as global coordinators for the amendments.

About IGT
IGT (NYSE: IGT) is a global leader in gaming. We provide entertaining and responsible gaming experiences for players across all regulated channels and segments, from lotteries and gaming machines to sports and digital betting. Leveraging a wealth of compelling content, substantial investments in innovation, player insights, operational expertise and cutting-edge technology, our solutions deliver unparalleled gaming experiences that engage players. players and stimulate growth. We have a well-established local presence and relationships with governments and regulators in over 100 countries around the world, and create value by adhering to the highest standards of service, integrity and accountability. IGT has approximately 10,500 employees. For more information, please visit www.igt.com.

Caution Regarding Forward-Looking Statements
This press release may contain forward-looking statements (including within the meaning of the Private Securities Litigation Reform Act of 1995) regarding International Game Technology PLC and its consolidated subsidiaries (the “Company”) and other matters. These statements may discuss objectives, intentions and expectations regarding future plans, trends, events, dividends, results of operations or financial condition, or otherwise, based on the current beliefs of the Company’s management as well as only assumptions made by, and information currently available to, this management. Forward-looking statements may be accompanied by words such as “aim”, “anticipate”, “believe”, “plan”, “could”, “would”, “should”, “should”, “continue”, “estimate”, ” “expect”, “plan”, “future”, “direction”, “intend”, “may”, “will”, “possible”, “potential”, “predict”, “project” or the negative or other variations thereof. These forward-looking statements speak only as of the date such statements are made and are subject to various risks and uncertainties, many of which are beyond the control of the Company. If one or more than one of these risks or uncertainties materialize, or if any of the underlying assumptions prove incorrect, actual results could differ materially from those projected in the forward-looking statements and from past results, performance or achievements. should not place undue reliance on these statements. Factors that could cause that actual results may differ materially from those in the forward-looking statements include (but are not limited to) the factors and risks described in the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2021 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 by applicable law, the Company undertakes no obligation to update these forward-looking statements. You should carefully consider these factors and other risks and uncertainties affecting the business of the Company. All forward-looking statements contained in this press 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’ShaughnessyGlobal Communications, Toll Free USA/Canada +1 (844) IGT-7452 and outside the USA/Canada +1 (401) 392-7452
Francesco LutiItalian media inquiries, +39 06 5189 9184
James HurleyInvestor Relations, +1 (401) 392-7190

SOURCE International Game Technology PLC


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