Gtech to begin roadshow for $5 billion equivalent multi-tranche secured note sale

By Paul Deckelman

New York, Jan. 30 – Gtech SpA was heard by high-yield syndicate sources to be ready to begin a roadshow on Monday for a $5 billion equivalent multi-tranche offering of dollar- and euro-denominated senior secured notes.

The deal will be marketed in Europe and the United States, with pricing expected during the week of Feb. 9, the sources said Friday.

The Rome-based provider of technology to the gaming industry will sell a total of $3.5 billion and €1.25 billion of notes, split into six tranches.

It plans to sell dollar-denominated notes in three-, five-, seven- and 10-year maturities, and euro-denominated notes in five- and eight-year maturities. Tranche sizes are to be determined, but the minimum tranche sizes will be $500 million and €500 million.

All of the notes will be non-callable for the life of the issue.

The Rule 144A/Regulation S for life deal will be brought to market via joint lead bookrunners Credit Suisse, Barclays Capital 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, J.P. Morgan, 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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