Firm to utilize proceeds from its long-term committed revolving credit facility
GTECH to redeem guaranteed shares due in 2016
2014-11-07
Reading time 48 seg
(US).- GTECH intends to redeem its 750 M euros (USD 929.5M) 5.375 percent Guaranteed Shares due December 5, 2016 on December 8, 2014. The redemption Shares of the 2016 Shares will equal the sum of the then-current values of the remaining scheduled payments of principal and interest of the 2016 Notes as of the Redemption Date discounted to the Redemption Date at a rate equal to the average annual yield to maturity of a reference German Bund plus 0.50 percent and interest accrued on the 2016 Shares to the Redemption Date.
GTECH will use the proceeds of a utilization under its long-term committed revolving credit facility to fund the redemption price of the 2016 Shares.
Holders holding 87% of GTECH's €500M (US$ 620m) 5.375% Guaranteed Notes due February 2, 2018 and holders holding 91% of GTECH's €500M 3.500% Guaranteed Shares due March 5, 2020 have, as of the November 6, 2014 early- voting deadline submitted instructions in favor of the consent solicitation commenced by GTECH on October 23, 2014.
Further details regarding the solicitation of consent and the related shareholders’ meetings to be held in connection with the consent solicitation are set out in the Consent Solicitation Memorandum dated October 23, 2014.
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