Feb 02, 2015 Newsdesk Industry Talk, Latest News  
Lottery specialist GTech SpA plans to issue senior bonds for a total of US$5 billion as part of its financing for the acquisition of U.S.-based slot machine maker International Game Technology (IGT), the Italian gaming group said.
GTech will offer senior bonds denominated both in euros and in U.S. dollars, “subject to customary market and closing conditions,” it said on Friday. According to the statement, about US$3.5 billion will be denominated in U.S. dollars.
The Italian company will merge into Georgia Worldwide Plc in connection with the acquisition of IGT and will be listed on the New York Stock Exchange.
IGT shareholders will vote on the merger on February 10. The slot machine maker on Saturday said three independent proxy advisory firms voiced their support for the company’s US$6.4 billion buyout by GTech. The deal is expected to be completed by June.
Following GTech’s announcement, rating agencies Standard & Poor’s and Moody’s Investors Service assigned new credit ratings to Georgia Worldwide of BB+ and Ba2, respectively, with a stable outlook. S&P also lowered GTech’s and IGT’s corporate credit ratings to BB+, the lottery specialist said.
GTech also announced that it has signed a new agreement for four-year term loan facilities amounting to EUR800 million (US$904.8 million).
“The agreement provides for two EUR400-million term loan facilities to GTech which may be used for general corporate purposes, including repayment of existing indebtedness,” it said.
According to the statement, the commitment from GTech’s loan credit facility for the acquisition of IGT “has been further reduced to US$4.9 billion (the original amount was US$10.7 billion)”.
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Starting from 1am on Tuesday (August 9), most travelling directly by air or sea to Macau from mainland China are required to take a nucleic acid test (NAT) upon arrival, plus another such test within...
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”I believe it will take more than the offered concession term, 10 years, to see an appreciable increase in inflows of tourists [to Macau] from countries outside the existing tourist catchment areas”
David Green
Gaming and governance consultant at Newpage Consulting