"We are pleased to announce a successful refinancing of our term loan facility agreement," said Max Chiara, CFO of IGT. "This transaction is another step of a plan to enhance our credit profile, generate additional liquidity and extend debt maturities. It will extend the weighted average maturity of our debt instruments to approximately five years. Based on the current balances and interest rates of the Company's debt, we expect this transaction and the debt transactions closed earlier this year to result in approximately $65 million in lower annualized interest expense going forward. We also added an environmental, social and governance (ESG) margin adjustment, highlighting IGT's commitment to sustainability."

The Amendment and Extension Agreement, among other things: (i) increases the amount of the aggregate term loan facilities from €860,000,000 to €1,000,000,000, (ii) extends the maturity date of the term loan facilities to January 25, 2027, (iii) reduces the applicable interest rate by 35 basis points based on current debt ratings, (iv) provides for a maximum decrease or increase of an additional 7.5 basis points in the margin based on ESG factors, (v) requires €200,000,000 in annual amortization payments in each of 2024, 2025 and 2026, with the remaining €400,000,000 balance due at maturity, and (vi) maintains and extends existing financial covenant thresholds.

The foregoing description of the Amendment and Extension Agreement is qualified in its entirety by reference to the full text of the Amendment and Extension Agreement, which is attached as an exhibit to IGT's current report on Form 6-K furnished to the Securities and Exchange Commission on July 26, 2021.

Bank of America Europe Designated Activity Company and Mediobanca - Banca di Credito Finanziario S.p.A acted as IGT's Global Coordinators and Sustainability Coordinators while Mediobanca acted as Agent.