International Game Technology Prices $300 Million of Its 5.50% Notes Due 2020

LAS VEGAS, June 3 /PRNewswire-FirstCall/ -- International Game Technology (NYSE: IGT) today announced that it has priced a registered underwritten public offering of $300 million aggregate principal amount of its 5.50% notes due 2020. The closing of the offering is expected to occur on June 8, 2010, subject to satisfaction of customary market and other closing conditions.

The notes will pay interest semi-annually on each June 15 and December 15, commencing December 15, 2010, at a rate of 5.50% per year and will mature on June 15, 2020.

IGT intends to use the net proceeds of this offering to reduce its outstanding indebtedness under the Second Amended and Restated Credit Agreement that IGT entered into with certain lenders. The Second Amended and Restated Credit Agreement currently provides IGT with a revolving credit line of up to $1.825 billion, which is subject to reduction to not less than $1.5 billion. As of March 31, 2010, $0.7 billion was drawn.

Deutsche Bank Securities Inc. and Morgan Stanley & Co. Incorporated are acting as joint book-running managers of the offering.

The offering is being made under an automatic shelf registration statement filed with the Securities and Exchange Commission on March 27, 2009. This announcement is neither an offer to sell nor a solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. Any offers of the notes will be made exclusively by means of a prospectus and a related prospectus supplement.

Copies of the preliminary and final prospectus supplements relating to the offering may be obtained by contacting Deutsche Bank Securities Inc. 100 Plaza One, Floor 2, Jersey City, New Jersey 07311-3901, if by telephone, by calling 1-800-503-4611, or if by email, at [email protected], or Morgan Stanley & Co. Incorporated, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY  10014, or if by telephone, by calling 1-866-718-1649.

About International Game Technology

International Game Technology (NYSE: IGT) is a leader in the design, development and manufacture of gaming machines and systems products worldwide.  

Certain statements in this press release, including statements concerning IGT's intention to offer its notes and the expected use of the proceeds of the sale of such notes are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward looking statements may be identified by the words "believe," "expect," "anticipate," "project," "plan," "estimate," "will" or "intend" and similar expressions. The forward-looking statements contained herein reflect IGT's current views with respect to future events and are based on currently available data and on current business plans. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: economic factors such as changes in interest rates, political instability, or currency exchange rate fluctuations; and regulatory factors such as unfavorable changes in governmental regulations. Additional information regarding these and other factors may be contained in IGT's filings with the U.S. Securities and Exchange Commission, including without limitation, IGT's Form 10-K for its fiscal year ended September 30, 2009, its Form 8-K filed June 3, 2010 to retrospectively adjust portions of its annual report on Form 10-K for the fiscal year ended September 30, 2009, and Form 10-Qs for the periods ended December 31, 2009 and March 31, 2010. IGT's filings are available from the U.S. Securities and Exchange Commission. IGT undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as otherwise required by law.

SOURCE International Game Technology