IGT plans on redeeming over 500 million dollars from debt notes.
The gambling provider IGT has recently announced about its plans to purchase a massive 500 million dollars of its 1.1 billion dollar bonds that are due for the year 2025. Additionally, the 500 million is going to include a part of the company’s outstanding bonds in euros that are collectively worth over half a billion euros and are due a year earlier than the dollar bonds.
The offer was disclosed on the second day of September to investors on the New York Stock Exchange, as the business assigned a higher priority to the payment of the bonds. Moreover, the offer also included a special discount of 30 dollars or euros for every 1000 of the corresponding currency notes purchased before the 16th of September.
Furthermore, the corporation has put a hard minimum limit on the purchase of dollar bonds of about 350 million dollars, while the euro bonds were left without one.
Lastly, the company aims to complete this offer by the end of the month.
Amidst a turbulent and quickly changing operating climate IGT had already previously lowered their forecasted earnings for the year to just over 4 billion dollars. This move continues with their more cautious strategy as the company wants to be prepared in case of more severe currency instabilities and other uncertainties.
Follow our Telegram channel
