Business Context and Reporting Period
This Form 6-K filing covers the month of December 2018 for International Game Technology PLC (IGT). The filing reports on amendments to the Company's senior debt facilities executed on December 17 and December 18, 2018. Note: The request metadata references "Brightstar Lottery PLC," but the filing text explicitly identifies the registrant as International Game Technology PLC.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, or margins. It focuses exclusively on debt facility terms. Key debt metrics disclosed include:
- Multicurrency Revolving Credit Facilities: $1.2 billion and €725 million.
- Term Loan Facility: €1.5 billion.
- Leverage Ratio Threshold: Increased from 90% to 95% for permitted restricted payments.
Material Changes
The Company entered into amendments to its Senior Facilities Agreement and Term Loan Facility Agreement. The material changes include:
- Greater flexibility for intragroup transfers of assets.
- Ability for subsidiaries to become guarantors with the consent of less than all lenders.
- Increase in the maximum leverage ratio condition threshold for permitted restricted payments from 90% to 95%.
- Authorization for the agent to implement Most Favored Nation (MFN) provisions.
Guidance, Outlook, and Risks
The filing does not provide revenue guidance, earnings outlook, or management commentary on future business performance. No specific risks or contingencies are detailed beyond the structural changes to the credit agreements. The filing does not disclose any unusual items affecting financial results.
Investor Verification Checklist
- Verify the correct registrant name (International Game Technology PLC) versus the metadata provided.
- Review the full text of Amendment No. 5 (Exhibit 99.1) and Amendment No. 1 (Exhibit 99.2) for specific covenant details.
- Confirm the impact of the increased leverage ratio threshold (95%) on future dividend or share repurchase capabilities.
- Check subsequent filings for any drawdowns on the $1.2 billion/€725 million revolving facilities or the €1.5 billion term loan.