GTECH announced bridge financing for IGT acquisition reduced to USD 6.6 B

(US).- GTECH announced that bridge financing for IGT acquisition was reduced to USD 6.6 B, from the original amount of USD 10.7 B resolutions, with respect to 2018 and 2020 guaranteed notes, passed at holder's meetings.

2014-11-25

United States

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(US).- GTECH announced that bridge financing for IGT acquisition was reduced to USD 6.6 B, from the original amount of USD 10.7 B resolutions, with respect to 2018 and 2020 guaranteed notes, passed at holder's meetings.

GTECH announced that in connection with the consent solicitation commenced by GTECH pursuant to the Consent Solicitation Memorandum dated October 23, 2014, the holders of the following series of guaranteed notes issued by GTECH:

1. EUR 500,000,000 5.375% Guaranteed Notes due 2018 and

2. EUR 500,000,000 3.500% Guaranteed Notes due 2020 passed, at separate meetings on November 24, 2014, the respective Extraordinary Resolution set out in the respective Notice of Meeting dated October 23, 2014, and thereby (i) approved the merger of GTECH with and into Georgia Worldwide as part of the acquisition of IGT and certain steps which GTECH intends to implement in connection with the Merger (ii) agreed that no put event will be deemed to occur as a result of, or in connection with, the Transaction, and (iii) waived any and all events of default, potential events of default and any other breach of the terms and conditions of the 2018 Notes and the 2020 Notes (as applicable) or the relevant trust deeds that have been, are or may be (within the period of 12 months after adoption of the Extraordinary Resolution) triggered by or in connection with the Transaction. Accordingly, the proposals referred to in the respective Extraordinary Resolution will be implemented as further described in the Notices of Meeting and the Consent Solicitation Memorandum.

Following adoption of the Extraordinary Resolutions, the commitment for GTECH's 364-day senior bridge term loan credit facility for the financing of the acquisition of IGT has been further reduced by approximately US$ 1.5 billion. In addition, GTECH, together with Credit Suisse, Barclays and Citigroup, entered into an amendment of the commitment letter for the Bridge Facility which reduces the Bridge Facility commitment by US$ 2.1 billion.

After giving effect to these reductions and the previously announced reduction of approximately US$ 0.5 billion, the Bridge Facility commitment has been reduced from the original amount of approximately US$ 10.7 billion to approximately US$ 6.6 billion. The Bridge Facility commitment of each lender has been reduced pro-rata.