Italy's SNAI talks €350 million seven-year notes to yield 10%-10¼%

By Paul A. Harris

St. Louis, Jan. 29 - Italian gaming technology company SNAI SpA set price talk for its €350 million offering of seven-year senior secured notes (Ba3) at 10% to 10¼%, according to an informed source.

Timing on the deal, which had been expected to price on Friday, has been delayed, the source added.

BNP Paribas, UBS Investment Bank and UniCredit Bank are joint bookrunners for the Rule 144A and Regulation S for life notes. Mediobanca is the co-manager.

The notes come with three years of call protection.

Proceeds will be used to refinance debt, to fund the acquisition of VLT rights and for general corporate purposes.

The company has its headquarters in Florence, Italy.

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