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Lottomatica Completes €1.115 Billion Notes Offering
- Client News
- June 1, 2023
Paul, Weiss advised Lottomatica S.p.A., an Apollo portfolio company and the largest player in the Italian gaming market, in an issuance of €1.115 billion of notes comprised of €565 million 7.125% senior secured notes due 2028 and €550 million senior secured floating rate notes due 2028. At closing, the proceeds of the offering were deposited in an escrow account. Part of the proceeds were released on the day of closing to fund the redemption of €200 million of Lottomatica’s outstanding floating rate notes due 2025. The remaining part of the proceeds will be held in escrow and, upon release, will be used to fund the redemption of the €340 million 6.25% senior secured fixed rate notes due 2025 and €575 million 5.125% senior secured fixed rate notes due 2025, and certain fees, expenses and repayment premiums.
The Paul, Weiss team included corporate partners Gregory Ezring, David Carmona and Christodoulos Kaoutzanis, and counsel Matthew Friedman; and tax partner Brian Grieve.