BNY Mellon appointed trustee and paying agent for Cleopatra Finance Limited senior secured notes

Proceeds of offering will help finance the acquisition of International Game Technology

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Feb 25, 2015, 05:15 ET

LONDON, Feb. 25, 2015 /PRNewswire/ -- BNY Mellon, a global leader in investment management and investment services, has been appointed trustee and paying agent for the offering of senior secured notes by Cleopatra Finance Limited (CLEO), a special purpose vehicle incorporated in Jersey. The proceeds of the notes, upon the satisfaction of certain conditions, will be made available to GTECH S.p.A. (GTECH) (ISE: GTK) to finance the acquisition of International Game Technology (NYSE: IGT).

The offering consists of five tranches of euro and dollar denominated senior secured notes, aggregating approximately $5.2 billion. Upon completion of the offering, CLEO will deposit the proceeds from the offering into escrow, pending the acquisition of IGT. BNY Mellon will also act as escrow agent and provide bespoke investment and cash management solutions to CLEO.

BNY Mellon currently acts as trustee on GTECH's existing bonds. Upon the consummation of the IGT acquisition, CLEO's senior secured notes will be exchanged for permanent senior secured notes issued by Georgia Worldwide PLC, the successor of GTECH.

"Low funding costs and a pick up in mergers and acquisitions continue to drive growth in Europe's corporate bond market," said Dean Fletcher, CEO of Corporate Trust EMEA at BNY Mellon. "The European Central Bank's unprecedented bond-buying programme or quantitative easing is likely to keep down borrowing costs and boost demand for corporate bonds. Ultimately this increased demand for debt issuance raises critical investment capital, which should help generate private sector jobs and economic growth in Europe."

CLEO is not part of the GTECH group of companies. GTECH is the largest global company in the regulated gaming space with 8,600 employees and its shares are listed on the Milan Stock Exchange¹. IGT is listed on the New York Stock Exchange and specialises in the design, development, manufacturing, distribution, and sales of computerised gaming equipment, software, and network systems².

Notes to editors:

As of December 31, 2014, BNY Mellon Corporate Trust served as trustee and/or paying agent on more than 61,000 debt-related issues globally. Its clients include governments and their agencies, multinational corporations, financial institutions and other entities that access the global debt capital markets. The corporate trust business utilizes its global footprint and expertise to deliver a full range of issuer and related investor services and to develop customized and market-driven solutions. Its range of core services includes debt trustee, paying agency, escrow and other fiduciary offerings.

Corporate trust providers are appointed by corporations, municipal governments and other entities issuing debt to perform a variety of duties, including servicing and maintaining the debt issue, processing principal and interest payments for investors, representing investors in defaults, and providing value-added services for complex debt structures.

BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of Dec. 31, 2014, BNY Mellon had $28.5 trillion in assets under custody and/or administration, and $1.7 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com, or follow us on Twitter @BNYMellon.

This press release is issued by The Bank of New York Mellon to members of the financial press and media.
All information and figures source BNY Mellon unless otherwise stated as at December 31, 2014.
The Bank of New York Mellon, London Branch, registered in England and Wales with FC005522 and BR000818.
Branch office: One Canada Square, London E14 5AL. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the Federal Reserve and authorised by the Prudential Regulation Authority.
The Bank of New York Mellon London branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority.
Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request.

¹ http://www.gtech.com/
² http://www.igt.com/company-information/about-igt.aspx

Contact:
Malcolm Borthwick
+44 20 7163 4109
[email protected]

SOURCE BNY Mellon