IGT plans capital raising effort

by Charlotte Lee Last Updated
IGT plans capital raising effort

A leading gaming equipment and services provider said it plans to raise US$650 million via an issuance of 4.125 per cent senior secured notes due in 2026.

GGR Asia reports that International Game Technology said it will use the net proceeds  in order to redeem its 6.25 per cent senior secured notes due 2022.

IGT has applied to list the new notes on the Irish Stock Exchange’s Euronext Dublin bourse.

The firm said settlement of the fresh notes was subject to “customary market and closing conditions” and was expected to occur on March 25.

The instruments are being offered and sold only to qualified institutional buyers.

On March 2, IGT announced a fourth quarter and full-year net loss, the latter amounting to just under US$898 million, up from 2019’s net loss of US$19 million.

IGT had net debt of just under US$7.32 billion as of December 31, compared to US$7.39 billion as of the same date in 2019.

Robertson to lead IGT sales team 

Global gaming leader International Game Technology has hired Australian Brad Robertson to head up its sales team and sign on as a senior company director.

Asgam reports that Mr Robertson will oversee the business’ Australia and New Zealand sales operations, having formerly led sales at Aristocrat.

In his new role, he will be responsible for leading IGT’s commercial casino, hotels and clubs sales strategy in the region and marshalling the company’s resources, talent and innovations to deliver optimal customer growth, IGT said.

“With more than 30 years of leadership experience in the gaming industry on both the operator and supplied side, Brad brings an extensive knowledge of the ANZ market that informs a solutions-based approach to customer relationships,” IGT chief operating officer Asia-Pacific Dallas Orchard said.

“His skills as a business partner and industry expert will ensure that IGT exceeds our objectives of continuously driving customer results in the region.”

Mr Robertson joins IGT from Aristocrat, where his nine-year tenure saw him most recently serve as Director of Sales.

Aussie fund takes a slice on Scientific Games 

An Australian fund is poised to purchase a 34.9 per cent stake in Scientific Games.

Casino News Daily reported last September that the major provider of gambling products and services confirmed on Monday that Australian fund Caledonia will purchase the stake from MacAndrews and Forbes Incorporated.

MacAndrews and Forbes is managed by billionaire investor Ron Perelman, who said earlier this year he wanted a “less complicated and less leveraged business life” and has been looking for ways to reduce his portfolio as several of his companies have been impacted by the coronavirus pandemic.

Caledonia has reached an agreement with MacAndrews and Forbes to buy nearly 35 per cent of Scientific Games, at a price of $28 per share.

As a result of the transaction, Scientific Games said it would implement a series of governance changes and enhancements.

This will see the gambling technology giant revamp its board of directors and terminate its stockholders agreement with MacAndrews and Forbes.

Caledonia is a Sydney-headquartered global investment management firm.

Aside from its newly acquired stake in Scientific Games, the investor owns a 10.4 per cent stake in Dublin-based Flutter Entertainment, which owns major brands such as Paddy Power, PokerStars and Sky Betting.

Scientific Games said its board will be restructured to include all existing directors except its MacAndrews and Forbes representatives, as well as three new directors.

Former Aristocrat chief executive Jamie Odell and former Aristocrat chief financial officer Toni Korsanos will join the company’s board as executive chair and executive vice chair, respectively.

Mr Perelman, current executive chairman of the Scientific Games Board, will be serving as an additional independent non-executive director, while Barry Schwartz and Frances Townsend, the two other MacAndrews and Forbes representatives, will resign following the completion of the transaction. 

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