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      Extended Session Helped IGT Stock Recover

      By Fahim Awan

      Published on

      October 31, 2023

      7:45 AM UTC

      Last Updated on

      November 1, 2023

      8:00 AM UTC

      Extended Session Helped IGT Stock Recover

      The shares of International Game Technology PLC (NYSE: IGT) demonstrated a notable upturn, increasing by 2.73% during the extended trading session on Monday, reaching a valuation of $27.14. This upward trajectory followed a prior decrease of 2.04% in the regular trading session, ultimately settling at $26.42. This resurgence in after-hours trading can be attributed to the recent strategic maneuvers undertaken by IGT.

      International Game Technology (IGT) has exercised its prerogative to fully redeem its €500 million 3.500% Senior Secured Notes, which were set to mature on July 15, 2024. This redemption is scheduled for November 7, 2023. IGT executed this redemption at a price equivalent to the entire principal sum, along with a make-whole premium in accordance with the terms specified in the indenture governing the Notes, in addition to accrued and unpaid interest. At present, there are €112,041,000 worth of these Notes that remain outstanding.

      However, it is important to note that the completion of this redemption is contingent upon IGT securing adequate proceeds through its senior revolving credit facilities. In further demonstration of its leadership within the global lottery industry, International Game Technology is actively showcasing its advanced lottery solutions at the 2023 annual conference of the North American Association of State and Provincial Lotteries (“NASPL”).

      This conference, occurring from October 31 to November 2 in Milwaukee, Wisconsin, serves as a platform for IGT to present its forward-looking strategy, known as “Future Forward, Growth Driven.” IGT is highlighting a comprehensive suite of digital tools, enticing licensed brands, and innovative solutions designed to boost lottery sales and engage the next generation of players at booth 130.

      Furthermore, a subsidiary of IGT, namely IGT Global Solutions Corporation, has executed a supplementary agreement to its preexisting contract with the California Lottery, which incidentally ranks as the second-largest lottery enterprise within the United States. This appended agreement prolongs their collaborative alliance for a span of seven additional years, while concurrently offering the prospect of up to five supplementary one-year extensions.

      As part of this agreement, IGT will modernize the California Lottery’s existing second-chance platform, which was originally provided by IGT, by migrating it to the company’s state-of-the-art cloud-based platform, now integrated into IGT’s OMNIA lottery solution. The transition of various central system-related business applications to the cloud is also part of this enhancement.

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