Global law firm White & Case LLP has advised GTECH S.p.A., a company active in the gaming technology, content, and service delivery solutions sectors to gaming markets, on its issuance of senior secured notes denominated in three tranches totalling US$3.2 billion, and two tranches totalling €1.55 billion, equivalent in aggregate to approximately US$5.2 billion.
The transaction represents the largest bond deal by an Italian issuer in the international capital markets.
GTECH will use the proceeds from the offering to pay part of the cash component of the consideration for the acquisition of International Game Technology (a global gaming company specializing in the design, manufacture, and marketing of electronic gaming equipment and systems products), acquisition-related costs and possibly to refinance certain existing indebtedness of GTECH and IGT.
The issuance was conducted through a special purpose vehicle issuer, Cleopatra Finance Limited, which placed the proceeds from the offering into escrow, pending the consummation of GTECH's acquisition of IGT. In relation to the acquisition, GTECH will merge with and into Georgia Worldwide plc and will be listed on the New York Stock Exchange.
This transaction involved lawyers in a number of White & Case offices, including London, New York and Milan. The Firm's deal team was led by partners Michael Immordino (Milan & London) and Rob Mathews (London) and included partners Michael Doran, Richard Pogrel, Martin Forbes, Peita Menon (all London), Iacopo Canino, Ferigo Foscari (both Milan), Gary Kashar and Raymond Simon (both New York) and associates Robert Becker, Silvia Pasqualini, Carlos J. Ruiz (all Milan), Dennis Hermreck, Michael Lee, Annie Serafim, James Greene, Amelia Smith, Tamara Dyer, Stephen Howard (all London), Stephanie Gentile (New York) and Luca Bertazzo (Washington) and lawyers Luca Bella and Lorenzo Colombi Manzi (both Milan).
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