IGT adjusts its credit facility
Slot machine giant International Game Technology gave itself some borrowing flexibility by extending its line of credit until June 2012.
The Reno-based company will pay a few extra basis points in exchange for the extension. As a result, about $1.7 billion of commitments under the prior credit facility will now mature in June 2012. The remaining $410 million expires as previously scheduled in December 2010.
Shares of IGT have rebounded in recent weeks after falling to all time lows of less than $7 per share in March. This morning the company’s stock price was above $17 a share on the New York Stock Exchange.