Italy’s Gamenet to sell €200 million of secured five-year notes

By Paul Deckelman

New York, July 15 – Gamenet SpA announced on Friday that it plans to sell €200 million of new senior secured notes due 2021.

The Rome-based gaming company disclosed its plans in a press release announcing that it will tender for up to €200 million of its existing 7¼% senior secured notes due 2018.

It said that the tender offer would be subject to a financing condition calling for Gamenet to issue the new notes via its direct holding company, Gamenet Group SpA, on or before the payment date for the tender offer, which is expected to be no later than Aug. 5, unless it is extended.

The proceeds of the new notes to be issued, together with cash on hand, will be used for, among other things, completion of the refinancing transaction the company outlined, including the purchase of the existing notes tendered to the company by their holders under the tender offer and the subsequent redemption of any of the existing notes not tendered in the tender offer.

There was no additional information immediately offered about the prospective issue of the new notes.

The tender offer for the existing notes will expire on July 25. Credit Suisse Securities (Europe) Ltd. is acting as the dealer-manager for the tender offer.

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