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Lottomatica Group Completes €600 Million IPO
- Client News
- May 3, 2023
Paul, Weiss advised Lottomatica Group S.p.A., an Apollo portfolio company, and its selling shareholder on its €600 million initial public offering. The offering included 47,222,222 newly issued shares and 19,444,444 existing shares offered by the selling shareholder, each priced at €9 per share. The underwriters were also granted a €90 million over-allotment option to purchase up to 10,000,000 additional shares. Shares in Lottomatica, the largest player in the Italian gaming market based on revenues, began trading on Euronext Milan under the ticker symbol “LTMC.”
Proceeds from the initial public offering were partially used to repay certain intercompany loans in an aggregate amount of $400 million, as well as to redeem €100 million of its outstanding floating rate senior secured notes due 2025.
Paul, Weiss also provided advice on a number of financing transactions for Lottomatica and its affiliated entities in connection with the initial public offering, including entry into a €350 million revolving facility agreement replacing the existing facility, €1.1 billion in bridge commitments to refinance Lottomatica’s outstanding senior secured notes due 2025, and a €400 million margin loan facility agreement.
The Paul, Weiss team included, among others, corporate partners Gregory Ezring, David Carmona, Matthew Goldstein, Christopher Cummings and Anastasia Peterson and counsel Matthew Friedman; and tax partner Brian Grieve.