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Gtech targets tranche sizes, sets talk on massive five-tranche dual-currency notes offering
By Paul A. Harris
Portland, Ore., Feb. 6 – Gtech targeted tranche sizes and set price talk for its five-tranche dual-currency offering of non-callable senior secured notes on Friday, according to a syndicate source.
The deal includes $500 million to $750 million of five-year notes talked to yield 5½% to 5¾%, $1 billion to $1.25 billion of seven-year notes talked to yield 6% to 6¼% and $1 billion to $1.25 billion of 10-year notes talked to yield 6¼% to 6½%.
Euro-denominated tranches include a €600 million to €800 million tranche of five-year notes talked to yield in the 4¼% area and €800 million to €1 billion of eight-year notes talked to yield in the 4¾% area.
A proposed dollar-denominated three-year notes tranche has been withdrawn, with proceeds shifted to the euro-denominated tranches.
Unofficially the overall amount of issuance is expected to be around $4.85 billion equivalent to $5 billion equivalent, sources said.
Books for the euro-denominated tranches close at 4:30 a.m. ET on Monday and for the dollar-denominated tranches at 9:30 a.m. ET on Monday; the deal is set to price thereafter.
The Rule 144A and Regulation S for life deal will be brought to market via joint lead bookrunners Credit Suisse, Barclays and Citigroup Global Markets.
In addition, Banca IMI, BNP Paribas, Banca Medio and UniCredit Group will act as joint bookrunners for the euro-denominated portion of the deal, with Credit Agricole, Fifth Third Bancorp, JPMorgan, Scotia Capital and Societe Generale as joint bookrunners for the dollar-denominated part of the transaction.
The issuer of the notes will be Georgia Worldwide plc.
Proceeds will be used to finance the company’s acquisition of slot-machine maker International Game Technology for a total of $6.4 billion, including $4.7 billion in cash and $1.7 billion in assumed debt. A part of the proceeds will be used to repay certain existing debt of Gtech and International Game.
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