bond lottomatica isin XS0182313527

[aaa2005]

Ciao a tutti
Oggi è uscita la notizia che ai possessori del bond lottomatica che voteranno in assemblea straordinaria, verrà corrisposto lo 0.3% sul nominale posseduto.
Interessante, no?
ISIN xs0182313527

[iaia]

bene bene

[FaGal]

Berger: «Fusione con GTech operativa entro giugno» Bond Lottomatica, tutto esaurito
Tutto secondo i piani. La raccolta del prestito sindacato di 2,76 miliardi di dollari è ormai conclusa «con successo», l’aumento di capitale da 1,4 miliardi di euro è atteso entro fine maggio e il road show per il bond da 750 milioni di euro partirà oggi da Milano. «Entro 30 giorni chiuderemo le operazioni di financing ed entro giugno il merger sarà concluso» ha detto Bruce Turner, attuale ceo di GTech e futuro amministratore delegato di Lottomatica dopo l’acquisizione della società americana. Il colosso delle lotterie è in via di costituzione e come nuovi mercati guarda con interesse alla privatizzazione dei giochi in Turchia. Confermata l’intenzione di riportare il monte dividendi a 150 milioni di euro entro il 2008. corriere

[albicocco]

Da FT
Lottomatica, the Italian lottery company, will start a roadshow on Wednesday to market its planned issue of €750m 60-year hybrid bonds. The issue forms part of a financing package for its planned acquisition of GTech, the US gaming group. The sole book runner is Credit Suisse.

The issue is likely to be closely watched in the markets, since it is of unusually long maturity and marks the biggest issue in the high-yield hybrids market to date. Moody’s on Tuesday rated the notes Ba3, and Standard & Poor’s awarded a rating of BB+ with negative watch.

[albicocco]

La durata di 60 anni è sconcertante.
Meglio le perpetue bancarie

[i98mark]

Originalmente inviato da albicocco

La durata di 60 anni è sconcertante.
Meglio le perpetue bancarie

E' la sola ragione che mi ha "allontanato" dal prendere in considerazione questo bond.... non ho neanche provato ad apporfondire le considerazioni di carattere tecnico....

[i98mark]

LOTTOMATICA SPA: Moody's Rates New EUR750 Mln Notes at (P)Ba3
-------------------------------------------------------------
Moody's Investors Service assigned a provisional (P)Ba3 rating
to the proposed issuance of EUR750 million deeply subordinated
notes due 2066 by Lottomatica, i.e. two notches below the
company's (P)Ba1 issuer rating assigned with a stable outlook on
Jan. 10.

The assigned rating and the basket designation assume there will
be no material variations to the draft legal documentation and
the (P) provisional feature of the rating will be removed upon
closing of the transaction, subject to implementation of the
contemplated capital structure.

Moody's said that the (P)Ba3 rating for the deeply subordinated
notes reflects the level of subordination of this security
relative to other debt obligations of Lottomatica. In
particular, the securities will be the most junior debt
instruments of the issuer, subordinated to and ranking behind
the claims of all other unsubordinated and subordinated
creditors of the company.

The instrument will, in Moody's view, have sufficient equity-
like features to allow it to receive basket D treatment, i.e.
75% equity and 25% debt for financial leverage purposes at the
closing date of the GTECH acquisition by Lottomatica. As the
time to maturity drops below 50 years, the basket will shift in
a more debt-like direction. The basket allocation is based on
these rankings for the three dimensions of equity:

-- No maturity: Moderate -- The instrument will have a
maturity of 60 years with a first call option by the
issuer after 10 years. Potential redemption on a call
date will be covered by satisfactory replacement language
where the issuer expresses its intention that the
instrument can only be replaced by one with the same or
more equity-like characteristics. After the time to
maturity drops below 50 years, the ranking will shift from
moderate to weak.

-- No ongoing payments: Strong -- Deferral of interest can be
optional/cash-cumulative or mandatory/non-cash cumulative.
The mandatory interest deferral is triggered upon the
breach of a meaningful ratio of free cash flow before
dividend and debt service to net interest below 1.35x. In
this event, the company would only be able to fund the
mandatory deferred interest from equity proceeds, and not
from internal cash flow.

-- Loss absorption: Moderate -- In the event of liquidation,
the claim for principal would rank junior to all other
creditors' claims but ahead of ordinary, preference and
savings shares. Any accumulated coupons that are not able
to be common share settled will have a claim in bankruptcy
that ranks junior to savings and preference shares as well
as equity interests other than nominal par value amounts.

Moody's notes that the instrument includes a change of control
clause according to which the securities could be redeemed in
such case; however on the occurrence of this event, Lottomatica
would be first committed to launch a tender offer for its
outstanding EUR360 million senior bond due 2008, which is
currently the only senior debt instrument in the company's
capital structure that does not benefit from a change of control
clause. After 2008, Moody's would expect all of the company's
senior debt to enjoy the clause in order to retain the basket D
designation.

Lottomatica S.p.A is the concessionaire of the Lotto game in
Italy, and reported net revenues of EUR583 million in FYE
December 2005. GTECH Holdings Corporation is the worldwide
leader in online lottery systems and had net revenues of
approximately USD1.3 billion for the 12 months ended Dec. 31,
2005.

[albicocco]

da FT di oggi
New Issues: Lottomatica in hybrid sale
By Louisa Mitchell
Published: May 10 2006 19:05 | Last updated: May 10 2006 19:05

Lottomatica, the Italian lottery company, sold the largest ever sub-investment grade hybrid bond out of Europe on Wednesday and priced the deal at the tight end of its expected range with a coupon of 8.25 per cent.

The bonds, which have a 60-year maturity and a 10-year call option with a coupon step-up, saw heavy demand according to bankers involved. But though it was permitted to be sold in the US, demand there was limited.

The investor roadshow for the sale, which was managed by Credit Suisse and Goldman Sachs, did not go to the US, principally because of the surprise decision by regulators there in March to classify a Lehman Brothers hybrid as equity, which discouraged insurers from buying it.

[i98mark]

In questi giorni, in cui il problema dell'approccio corretto agli strumenti obbligazionari è stato giustamente messo in evidenza da più d'uno, mi sembra opportuno rimarcare questo passaggio della valutazione data da Moody's al bond Lottomatica...

The instrument will, in Moody's view, have sufficient equity-
like features to allow it to receive basket D treatment, i.e.
75% equity and 25% debt for financial leverage purposes at the
closing date of the GTECH acquisition by Lottomatica.

Insomma, come già ricordato altrove, il livello di ibridazione secondo Moody's è tale per cui su un valore percentuale di 100, la componente del tipo azionario sarebbe pari a 75 e quella di tipo obbligazionario sarebbe pari a 25.

E dunque, sempre secondo Moody's (che può ben sbagliare anche lei, of course) l'ibrido si comporterà verosimilmente più come un titolo azionario che non come un'obbligazione...

[i98mark]

LOTTOMATICA SPA: Acquisition Cues Moody's to Put Low-B Ratings
--------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings,
with stable outlook, to Lottomatica S.p.A., following the
announcement that Lottomatica has closed its acquisition of
GTECH Holdings Corporation:

-- Baa3 corporate family rating;

-- Ba1 issuer rating;

-- Baa3 guaranteed rating of the EUR360 million senior
unsecured notes due 2008;

-- Ba3 rating of the EUR750 million deeply subordinated notes
due 2066; and

-- Baa3 rating of the US$2.76 billion senior unsecured bank
facilities borrowed by Gold Acquisition Corp., a
transitory special vehicle created for the purpose of the
GTECH acquisition and guaranteed by Lottomatica.

These ratings were assigned on a provisional basis on Jan. 10,
March 29 and May 2. Moody's explains that all debt and equity
instruments have been issued, all guarantees implemented and
that the capital structure at closing is slightly more
conservative than expected, reflecting more equity (EUR1.5
billion versus EUR1.4 billion) and a lower purchase price
(EUR3.9 billion versus EUR4.0 billion due to a weaker US dollar)
than initially contemplated.

Moody's continues to recognize the relative stability of the
group's lottery revenues though operating profit slightly
deviates from initial expectations due mainly to more negative
FX movements and the loss of the Brazilian contract a few months
earlier than anticipated.

Lottomatica's ratings and stable outlook continue to factor
Moody's view that the group will improve its credit metrics to a
level commensurate with the Baa3 rating category by end-2007,
i.e. a retained cash flow pre-WC/Net Adjusted Debt in excess of
15% and a Net Adjusted Debt/EBITDAR of around 3.0 times. The
company's ability to retain its major lottery contracts and the
use of sound business practices in getting new contracts are
also key drivers of the rating stability.

Lottomatica S.p.A is the concessionaire of the Lotto game in
Italy and reported net revenues of around EUR583 million in FYE
December 2005. GTECH Holdings Corporation is the worldwide
leader in online lottery systems and reported net revenues of
approximately US$1.3 billion in FYE February 2006.