GTECH S.p.A. and its wholly-owned subsidiary GTECH Corporation entered into a .6 billion five-year senior facilities agreement with a syndicate of 20 banks led by J.P. Morgan Limited and Mediobanca-Banca di Credito Finanziario, ahead of finalization of the lottery and gaming giant’s acquisition of leading slot manufacturer International Game Technology.
The Royal Bank of Scotland plc is acting as agent, and KeyBank National Association is acting as swing-line agent. The geographic distribution of the commitments of the banks under the agreement is as follows: continental Europe other than Italy, 46 percent; Italy, 21 percent; North America, 21 percent; and the United Kingdom, 12 percent.
The agreement provides for a US$1.4 million multi-currency revolving credit facility for GTECH Corporation and an €850 million euro multi-currency revolving credit facility for GTECH.
The revolving credit facilities will be used for general corporate purposes, including repayment of any outstanding amounts under the term and multi-currency revolving credit facilities for GTECH and GTECH Corporation (which are scheduled to expire in December 2015), and refinancing certain debt securities issued by GTECH S.p.A. Upon completion of the IGT acquisition.
The revolving credit facilities will bear a variable interest rate based on certain credit ratings and are subject to standard covenants and restrictions.
