International Game Technology Enters Into An Accelerated Stock Buyback Agreement With Goldman, Sachs & Co

International Game Technology announced that its Board of Directors has authorized a new share repurchase program of up to $1 billion of the Company's outstanding common stock. Additionally, the Company has entered into an accelerated stock buyback agreement with Goldman, Sachs & Co., under which it will repurchase approximately $400 million of its common stock. The accelerated stock buyback will be conducted as the first part of the Company's new $1 billion share repurchase authorization. The remaining $600 million is currently anticipated to be utilized over the next three to four years. The Company will fund the accelerated stock buyback using cash on hand and borrowings from the Company's revolving credit facility. The new $1 billion share repurchase authorization will replace the Company's previously announced $500 million authorization. Under the terms of the agreement, the Company will pay Goldman Sachs $400 million on June 19 and will receive initial deliveries of approximately 21 million shares, representing a substantial majority of the shares expected to be retired over the course of the accelerated stock buyback. The total number of shares ultimately repurchased under the agreement will be determined based on the daily volume-weighted average share price of the Company's common stock during the repurchase period less a discount, and subject to a cap provision that will establish a minimum number of shares repurchased