Shearman & Sterling advised J.P. Morgan Securities plc and UniCredit AG, Milan Branch, the initial purchasers, in an offering by Snai S.p.A (Snai). The offering comprised €110 million 7.625% Senior Secured Notes due 2018 (the “Notes”) in connection with Snai's acquisition of the Cogemat Group. The offering, which was conducted pursuant to Rule 144A and Regulation S under the US Securities Act, closed on July 28, 2015.
The proceeds of the Notes will be used to refinance existing debt of the Cogemat Group and for general corporate purposes.
Snai, a leader in the Italian betting and gaming entertainment market, manages a broad portfolio of long-term concessions granted by ADM, the Italian gaming industry regulator, and offers a broad spectrum of betting and gaming products, including (i) gaming machines, (ii) sports and horse race betting and virtual events (including online betting) and (iii) online skill and casino games. Snai is listed on the Italian Stock Exchange. The Cogemat Group is one of the leading gaming machine companies in Italy based on turnover.
The Shearman & Sterling team included partners Tobia Croff (Milan-Capital Markets/Mergers & Acquisitions) and Trevor Ingram (London-Capital Markets); counsel Tommaso Tosi (Milan-Capital Markets/Mergers & Acquisitions); associates Marco Barbi (Milan-Capital Markets), Ana Grbec (London-Capital Markets), and Davide Cavazzana (Milan-Mergers & Acquisitions); and trainees Nicolo’ Antonio Miglio (Milan-Capital Markets) and Camilla Di Matteo (Milan-Capital Markets). Partners Peter Hayes (London-Finance) and James Duncan (London-Finance) and associates Camilla Hunter (London-Finance), Vieri Parigi (Milan-Finance) and Gaetano Petroni (Milan-Finance) assisted with the finance aspects of the transaction. Partner Kristen Garry (Washington, DC-Tax) and associate Kammy Lai (Washington, DC-Tax) assisted with the US tax aspects of the transaction.