IGT PLC Announces Amendment and Extension of Revolving Credit Facilities and Amendment of Term Loan Facilities

"These transactions represent a continuation of the many capital structure initiatives executed over the last few years to bolster our credit profile," said Max Chiara, IGT CFO."The RCF amendment extends the final maturity date of the revolving credit facilities by three years to 2027, reduces the interest rate margins and provides greater flexibility under certain non-financial covenants."

Among other changes, the RCF amendment increases the aggregate commitments of the lenders from approximately US$1.68 billion equivalent (US$1.05 billion and €625 million) to approximately US$1.83 billion equivalent (US$820 million and €1.00 billion), extends the final maturity date to July 31, 2027, reduces the facilities margins by at least 0.25% (0.40% at current debt ratings) and provides for a maximum 0.075% increase or decrease in such margins based on the group's ESG rating (which is similar to the ESG margin adjustment provision of the TLF). The 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.

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 conformed Senior Facilities Agreement for the TLF, which are each filed as exhibits to IGT's Report on Form 6-K dated July 27, 2022.

Bank of America, Mediobanca - Banca di Credito Finanziario S.p.A. and UniCredit acted as the Global Coordinators with respect to the amendments.