GTECH obtains financing to complete IGT acquisition

10 February 2015

LAS VEGAS -- Italy-based lottery provider GTECH Holdings said Tuesday it completed $5 billion in high yield financing needed to complete its buyout of slot machine giant IGT - International Game Technology.

The transaction, expected to close in the spring, is valued at $6.4 billion.

Shareholders of International Game Technology were expected to vote on the buyout Tuesday.

The pricing of the high yield notes included $3.2 billion in American dollars and 1.6 billion in Euros.

GTECH CFO Alberto Fornaro said in a statement the financing will not have any “significant maturity” dates before 2018.

“It is the inaugural issuance in the U.S. and the first time we have launched a global deal,” Fornaro said. “Overall, this is another important step toward the close of the IGT transaction.”

In a statement, GTECH said the company and IGT would merger into Georgia Worldwide with the ordinary shares listed on the New York Stock Exchange.

A spokesman for GTECH said in an e-mail the name was just a “place holder.”

IGT agreed last summer to be acquired by GTECH for $4.7 billion in cash and stock, and assumption of $1.7 billion of the Nevada-based slot maker’s debt.

Under terms of the agreement, IGT and GTECH will combine under a newly formed holding company with corporate headquarters in the United Kingdom. The company will maintain operating headquarters in Las Vegas; Providence, R.I.; and Rome.

The deal still requires approval of Nevada gaming regulators.

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