SNAI postpones €350 million note offering, sites market conditions, Bridgepoint damages claim

By Paul A. Harris

St. Louis, Feb. 3 - Italian gaming technology company SNAI SpA postponed its €350 million offering of seven-year senior secured notes (Ba3) due to market conditions and because of a damages claim filed by Bridgepoint Capital Ltd., market sources said on Wednesday.

Bridgepoint is claiming damages resulting from SNAI's non-acceptance of an offer Bridgepoint made to acquire SNAI's gaming business.

BNP Paribas, UBS Investment Bank and UniCredit Bank were joint bookrunners.

Proceeds from the notes had been earmarked 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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