International Game Technology PLC on June 18 launched a tender offer to purchase up to €1.2 billion of senior secured notes due 2020.

The U.K. gaming company is offering to purchase the notes from holders of its €700 million 4.125% senior secured notes due 2020 and €500 million 4.750% senior secured notes due 2020, which were issued with an initial coupon of 3.500%.

IGT said it will pay €1,050 for each €1,000 principal amount of the 4.125% notes, and €1,070 for each €1,000 principal amount of the 4.750% notes accepted for purchase.

In addition to the tender offer consideration, note holders will also receive a cash amount in euro equal to the accrued and unpaid interest on the applicable notes.

The tender offer will expire 4 p.m., London time on June 25, unless extended, amended or terminated.

The company is also looking to launch a new offering of euro notes to take advantage of the current market conditions.

IGT said the purpose of the tender offer and the new offering it plans to launch is to extend the weighted average maturity of its debt.