Lottomatica, which runs the Italian "Lotto," has priced its €750 million Hybrid Debt offering, the first ever hybrid debt deal by an Italian corporate issuer. The transaction, arranged by Credit Suisse and Goldman Sachs International, is due to close on Wednesday May 17th, 2006. Previously, on May 5th, 2006, Lottomatica signed its $2.3 billion Senior Credit Facility arranged by Credit Suisse and Goldman, Sachs & Co. The Hybrid Debt offering and Senior Credit Facility, together with a €1.4 billion rights offering, will finance Lottomatica's $4.8 billion acquisition of US-based Gtech Holdings Corp., the largest-ever US transaction by an Italian company.
Credit Suisse and Goldman Sachs turned to the Italian, London and New York offices of global law firm Shearman & Sterling for the structuring of all three financing instruments. The Shearman & Sterling team acting as UK, US and Italian underwriters' counsel on the Hybrid Debt and Rights Offerings is being led by Partners Clifford Atkins in London and Rob Ellison in Rome, assisted by Rome-based associates Mei Lian and Tommaso Tosi. The Senior Credit Facility team in London was led by Partner Kenneth MacRitchie assisted by associate Rowena van de Grampel. Shearman & Sterling is also acting as US M&A counsel to the financial advisor. Gianni, Origoni, Grippo & Partners advised on Italian law with a team led by Partner Alberto Giampieri and senior associates Fabio Ilacqua and Guido Iannoni.
The full Shearman & Sterling legal team included partners Clifford Atkins (LO-BF), Robert Ellison (RO-CM), Joel Klaperman (NY-CM), Kenneth MacRitchie (LO-PDF) and Bernie Pistillo (LO-TX) and associates Jordan Altman (NY-IP), Mariana Boranga (NY-CM), Virginia Boyd (NY-IP), Colin Chang (NY-CM), Giampaolo Corea (RO-CM), Fabio Fauceglia (RO-CM), Leanne Ingledew (LO-TX), Jennie Ingram (NY-CM), So-Eun Lee (NY-CM), Mei Lian (RO-CM), Rebecca Marques (NY-CM), Peter Psiachos (NY-TX), Benoit Quarmby (NY-LT), Marco Ramondino (RO-CM),Gabriele Sabato (RO-CM), Serena Scarabotti (RO-CM), Heather A Schoen (NY-PR), Romica Singh (NY-ECEB), Dorman Tong (NY-CM) and Rowena van de Grampel (LO-PDF).