Thursday, June 14, 2012

International Game Tech (NYSE: IGT) Gains On $1B Buyback Plan

International Game Tech (NYSE: IGT) Gains On $1B Buyback PlanPalm Beach, FL 6/14/12 (StreetBeat) – Shares of slot-machine maker International Game Technology (NYSE: IGT) are trading higher Thursday morning after the company announced plans to buy back up to $1 billion of its common stock. The company said that as part of the plan, it has entered into an accelerated buyback agreement with Goldman Sachs covering $400 million of stock. The rest will be used over the next 3-4 years.

As of Wednesday’s close, IGT had a market cap of about $3.9 billion.

IGT said the plan reflects the board’s “dedication to responsible capital deployment.”

The company said it will fund the plan with cash on hand and borrowings from its revolving credit facility. Under the arrangement with Goldman, IGT will pay $400 million to Goldman on June 19 and will receive an initial delivery of about 21 million shares.

IGT this morning is up 83 cents, or 6.3%, to $14.05.

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