Shearman Logo

News Jun 20, 2017

Shearman & Sterling Advises on IGT’s Any and All Cash Tender Offer of $500 Million 7.50% Notes due 2019

Shearman & Sterling represented Citigroup Global Markets Limited, J.P. Morgan Securities LLC and BofA Merrill Lynch as the dealer managers in the five-day any and all cash tender offer of $500 million aggregate principal amount of 7.50% notes due 2019 (the “notes”) of International Game Technology, a Nevada corporation and a wholly owned subsidiary of International Game Technology PLC (NYSE:IGT).  An aggregate principal amount of $355,697,000 notes were purchased pursuant to the tender offer and settlement took place on June 21, 2017.

IGT is the world's largest end-to-end gaming company, with leading market positions in North America and Italy and the most extensive gaming content library in the world. IGT operates and provides an integrated portfolio of innovative technology products and services across all gaming markets, including lottery management services, online and instants lotteries, instant ticket printing, electronic gaming machines, sports betting and interactive gaming.

The Shearman & Sterling team included partner Apostolos Gkoutzinis, counsel Alejandro Gordano and associate Oscar Lopez (all London-Capital Markets). Other Shearman & Sterling lawyers involved in the transaction were partners Kristen Garry (Washington, DC-Tax) and Simon Letherman (London-Tax); and associates Lois Howarth (London-Tax) and Devon Yamauchi (Washington, DC-Tax).