Key Developments: Gtech SpA (GTCH.MI)

GTCH.MI on Milan Stock Exchange

27 Mar 2015
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Latest Key Developments (Source: Significant Developments)

Gtech SpA announces FY 2014 dividend of 0.75 per share
Tuesday, 16 Dec 2014 07:00pm EST 

Gtech SpA:Says to issue FY 2014 dividend of 0.75 euros per share payable Jan. 21, 2015.Says the total value of the dividend amounts about 130 million euros.  Full Article

Gtech SpA says 11.3 pct of capital exercised merger exit right-Reuters
Wednesday, 10 Dec 2014 12:39pm EST 

Gtech SpA:Said on Dec. 10 that shareholders representing 11.3 percent of its share capital had exercised a withdrawal right in connection with its agreed merger with U.S. International Game Technology-Reuters.Said in a statement the Italian gaming group the shares stemming from the exit right exercise would be offered to its shareholders from Dec. 11 to Jan. 9, 2015.Said it has conditioned its merger with IGT to less than 20 pct of the group's share capital exercising the right.Said it had further reduced the bridge loan financing the acquisition to $6 billion.  Full Article

Gtech SpA announces a settlement with Illinois Lottery to terminate for convenience Northstar Lottery Group's Private Management Agreement
Wednesday, 10 Dec 2014 05:30am EST 

Gtech SpA:Says its subsidiary Northstar Lottery Group LLC (Northstar) entered into an agreement with the Illinois Department of Lottery (the Lottery) to terminate the private management agreement (PMA) for convenience.Says the PMA went into effect on Jan. 18, 2011 and is expected to terminate in around 12 months.Says under the termination agreement, the Lottery will pay a termination for convenience fee and disentanglement services fees to Northstar for a 12-month period.Says Northstar will receive a maximum of $12.65 million in termination for convenience fees.Says the Lottery will also pay Northstar for disentanglement services fees of about $121 million during the 12-month disentanglement period for the reimbursement of costs.Says the Lottery will also pay additional transition-related expenses up to $17 million due to the termination of the PMA.  Full Article

Gtech SpA enters into $2.6 billion new five-years senior facilities agreement
Wednesday, 5 Nov 2014 01:46am EST 

Gtech SpA:Says the company and its wholly-owned subsidiary, GTECH Corporation, has entered into a $2.6 billion five-year senior facilities agreement with a syndicate of 20 banks.Says led by J.P. Morgan Limited and Mediobanca - Banca di Credito Finanziario S.p.A., as Global Coordinators, Bookrunners and Mandated Lead Arrangers.Says the Royal Bank of Scotland plc is acting as Agent and KeyBank National Association is acting as Swingline Agent.Says the agreement provides for a $1.4billion multicurrency revolving credit facility for GTECH Corporation and a 850 million euros multicurrency revolving credit facility for Gtech SpA.Says upon completion of the previously announced merger of Gtech SpA with and into Georgia Worldwide PLC (NewCo) - the "GTECH Merger" - NewCo will be able to borrow under both facilities.Says upon completion of the previously announced acquisition of International Game Technology (IGT) - the "IGT Acquisition" - the US Dollar facility will be increased to $1.5 billion and IGT will be able to borrow under the US Dollar facility.Says the revolving credit facilities were increased from the $2 billion initially requested because of a large oversubscription.Says the revolving credit facilities will be fully and unconditionally guaranteed by Gtech SpA (or NewCo upon completion of the GTECH Merger) and, subject to customary limitations, GTECH Corporation and certain other subsidiaries of Gtech SpA (or NewCo upon completion of the GTECH Merger).  Full Article

Gtech SpA announces reduction of $10.7 billion bridge loan credit facility for acquisition financing of IGT
Thursday, 30 Oct 2014 03:23am EDT 

Gtech SpA:Says its 364-day senior bridge term loan credit facility commitment for the acquisition financing of International Game Technology (IGT) has been reduced from about $10.7 billion to about $10.2 billion.Says backstop financing for the 2019 Notes is no longer required.The allocation to each bank has been reduced pro-rata.  Full Article

Gtech SpA approves cross-border merger of GTECH into Georgia Worldwide PLC (NewCo); approves repurchase of up to 16,676,505 GTECH shares
Wednesday, 1 Oct 2014 01:45pm EDT 

Gtech SpA:Says the Board approved the previously announced cross-border merger of GTECH into Georgia Worldwide PLC (NewCo) and the repurchase of up to 16,676,505 GTECH shares.The merger is part of a broader transaction whereby GTECH will acquire International Game Technology pursuant to the Agreement and Plan of Merger that was announced on July 16.NewCo’s Board of Directors also approved the Merger.In the merger, GTECH shareholders will receive one ordinary share in NewCo for each GTECH share they hold.The merger is subject to the fulfillment of certain conditions precedent contained in the Agreement.Upon completion of the transactions contemplated by the Agreement, NewCo will become the parent holding company for the combined operations of GTECH and IGT, with its registered office in London.The group will have operating headquarters in Las Vegas, Providence and Rome.The name of NewCo may change before the effective date of the merger.Following the May 8 shareholder approval, the Board also approved a new share repurchase program for up to 16,676,505 shares equivalent to about 9.5 pct of GTECH’s share capital.As of today, GTECH holds 1,782,426 of its shares, amounting to 1.02 pct of its share capital.No subsidiary of the company holds GTECH shares.  Full Article

Standard & Poor’s lowers Gtech SpA's corporate credit rating
Thursday, 17 Jul 2014 12:45pm EDT 

Gtech SpA:Standard & Poor’s (S&P) Rating Services has lowered its corporate credit rating on GTECH to BBB- from BBB, and also lowered its short-term rating to A-3 from A-2.S&P is also lowering its ratings on GTECH’s senior unsecured debt to BBB- from BBB, and lowered its ratings on the company’s subordinated debt to BB from BB+.The downgrades follow GTECH’s announcement that the company intends to acquire International Game Technology (IGT) for a total consideration of $4.7 billion.  Full Article

Gtech SpA to acquire International Game Technology Inc
Wednesday, 16 Jul 2014 12:00am EDT 

Gtech SpA:Enters into definitive merger agreement with International Game Technology Inc, a company in casino and social gaming entertainment, headquartered in Las Vegas, Nevada, U.S.A.Under terms of transaction, International Game Technology and Gtech will combine under a newly formed holding company organized in United Kingdom (NewCo).IGT shareholders will receive combination of $13.69 in cash plus 0.1819 NewCo shares (subject to adjustment) for each share of IGT common stock, equal to an aggregate value of $18.25 per IGT share.Gtech shareholders will exchange each of their existing GTECH shares for one newly issued ordinary share of NewCo.Aggregate transaction value is about $6.4 bln inclusive of the assumption of about $1.75 bln in existing IGT net debt.IGT and Gtech will combine under newly formed UK holding company with its corporate headquarters in United Kingdom and operating headquarters in each of Las Vegas, Providence and Rome.NewCo will be solely listed on New York Stock Exchange (NYSE).IGT's shares will cease trading on NYSE and Gtech's shares will cease to trade on Italian Stock Exchange (Borsa Italiana).Credit Suisse is acting as lead financial advisor to GTECH and left lead arranger and bookrunner for the acquisition financing for the transaction.Morgan Stanley is providing financial advice, and Sidley & Austin LLP and Allen & Overy are acting as legal advisors to IGT.  Full Article

Gtech SpA approves FY 2013 dividend; renews share buyback
Thursday, 8 May 2014 10:51am EDT 

Gtech SpA:Says the Annual Shareholders' Meeting approves the FY 2013 dividend at 0.75 euros per share.Says the dividend is payable on May 22 with a record date May 21, against coupon no. 10 on May 19.Authorizes a new buy-back plan not exceeding 20 pct of the company’s share capital.  Full Article

Gtech SpA subsidiary completes acquisition of Probability Plc
Friday, 2 May 2014 10:26am EDT 

Gtech SpA:Announces that its wholly-owned subsidiary, GTECH UK Interactive Limited (GTECH UK), has completed its previously-announced recommended cash acquisition of the entire issued share capital of U.K.- based, AIM listed mobile gaming solutions company Probability Plc.The price was approximately 18 million British pounds ($21 million).  Full Article

GTECH says British court clears merger with IGT

MILAN, March 16 - Italian gaming company GTECH said on Monday the High Court of England and Wales had cleared its merger with International Game Technology in one of the last steps before the merger becomes effective on April 7.

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