New York-listed gaming and lottery supplier International Game Technology (IGT) expects to deliver an estimated $60m in annualized interest cost savings after entering into a new €1.5bn term loan facility and amending its multicurrency revolving credit facilities.

The proceeds from the new term loan facility, which matures in 2023, will be used to repay the €800m term loans maturing in January 2019 and the €500m 6.625% notes due in February 2018.

IGT has also voluntarily reduced the aggregate commitments of the multicurrency revolving credit facilities, which mature in July 2021, by about 30 per cent to approximately $2.0bn to more closely match lower anticipated liquidity needs and create more flexibility under certain financial and non-financial covenants.

The commitments under the US dollar and euro revolving credit facilities are now $1.2bn and €725m respectively.

"We are proactively managing our capital structure to drive significant savings in interest expense, extend maturities, and maximize financial flexibility in executing our business plan," said IGT chief financial officer Alberto Fornaro.

"We expect to deliver an estimated $60m in annualized interest cost savings from the combination of today's announced transactions, the recently completed tender for the 7.500% notes due in June 2019 and repayment of borrowings with proceeds from the recent sale of Double Down Interactive LLC, as well as the repayment of the €500m 6.625% notes due in February 2018 at maturity."

Shares in International Game Technology plc (Co. Data) (NYSE:IGT) closed in New York Thursday down 0.65 per cent at $19.87 per share.

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