Italian gaming company GTECH said on Thursday it was offering to purchase back a 750 million euro ($924 million) bond due in 2066 as it gears up for merging with U.S. slot-machine maker International Game Technology. The Rome-based company said it would purchase the bond at a premium of 5.75 percent to its nominal value. It will pay a further 3 percent premium to bondholders that tender their notes by Jan. 7.GTECH is also asking bondholders to approve changes in the documentation accompanying the bond to take into account the effects of the merger, which will create a new company based in Britain and listed on Wall Street.Bondholders who vote in favour of such changes will be rewarded with a further premium of up to 0.5 percent of the nominal value of the bond when they tender their securities.Bondholders are due to meet between Jan. 19 and 21 to approve the changes.
International Game Technology (IGT) is a global gaming company specializing in the design, development, manufacture, and marketing of casino-style gaming equipment, systems technology, and game content across multiple platforms: land-based, online real-money and social gaming. Shares of IGT remained unchanged at $16.93. In the past year, the shares have traded as low as $12.14 and as high as $18.29. On average, 2397670 shares of IGT exchange hands on a given day and today's volume is recorded at 0.
Source
