Trilantic Capital Partners Trilantic North America
Investment Team
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Gamenet successfully issues €200mn in its debut bond offering

Gamenet successfully placed €200mn of its senior secured notes due 2018 in its debut bond offering through UBS and Credit Suisse as global coordinators and joint bookrunners, and UniCredit AG and Banca IMI as joint bookrunners. The 5 year bond maturing in August 2018 is B+/B1 rated, yields 7.25% and was sold at par, reflecting the conservative leverage and the strong fundamentals of Gamenet.

“Proceeds will be used to refinance debt, including shareholder loans, and for general corporate purposes. As a result of the refinancing, the company moves to an all-bond capital structure, with a robust balance sheet with approximately 1.2x net debt to EBITDA.”
 
Gamenet is the third largest gaming company in Italy based on total bet and distribution network, with €6.4 billion in bet collected in 2012 across a network of approximately 13,000 points of sale. In particular, Gamenet is the second largest concessionaire in the video lottery terminal (‘‘VLT’’), one of the most attractive segments of the Italian gaming market, and slot machines/amusement with prize machine (‘‘AWP’’) gaming segments, based on total bet collected and number of rights held.”
 
In the 12 months ended on 31 March 2013, Gamenet generated €641.6 million of revenues, €81.7 million EBITDA and €23.2 million of Net Income.
 
Trilantic Capital Partners ("Trilantic") controls a 91% fully diluted participation in Gamenet. Trilantic invested in Gamenet in November 2010, making a significant add-on investment in 2011 to fund the company’s growth strategy in the VLT sector. A dedicated Trilantic team managed the Company for the first 1.5 years of investment, and together with the new CEO and the rest of management brought on board, successfully converted a concession/ contract business into a fully operational leader in the Italian gaming sector.
 
About Trilantic Capital Partners 

Trilantic Capital Partners is a private equity firm focused on control and significant minority investments in North America and Europe with primary investment focus in consumer, energy, financial and business services. Trilantic was formed in 2009 by the former principals of Lehman Brothers Merchant Banking, where they created a strong track record of investing in and building successful growth businesses. Trilantic currently manages four institutional private equity funds with an aggregate capital commitment of $5.9 billion. For more information, visit www.trilantic.com.

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Copies of this announcement are not being made and may not be distributed or sent into the United States, Canada, Australia or Japan.

This announcement is not an offer for sale of securities in the United States.  The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended.  Gamenet S.p.A. does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States.

This communication does not constitute an offer of the Securities to the public in the United Kingdom.  No prospectus has been or will be approved in the United Kingdom in respect of the Securities.  This communication is being distributed to and is directed only at (i) persons who are outside the United Kingdom; (ii) persons who are investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “Relevant Persons”).  Any investment activity to which this communication relates will only be available to and will only be engaged with, Relevant Persons.  Any person who is not a Relevant Person should not act or rely on this document or any of its contents.

This press release does not constitute an offer of the Securities to the public in Italy. The Notes will be offered in Italy only to qualified investors (investitori qualificati) as referred to in Article 100 of the legislative decree no. 58 of 24February 1998, as amended (the "Italian Financial Act") and Article 34-ter paragraph 1(b) of CONSOB Regulation No. 11971, May 14, 1999, as amended (the “Issuers Regulation”) and will not be listed on an Italian regulated market, therefore no documents or materials relating to the Notes have been or will be submitted to the clearance procedure of the Commissione Nazionale per le Società e la Borsa (“CONSOB”). The offer of the Notes will be carried out in the Republic of Italy as an exempted offer pursuant to article 100 of the Italian Financial Act and article 34-ter, paragraph 1 of Issuers Regulation.

This press release does not constitute and shall not, in any circumstances, constitute a public offering or an invitation to the public in connection with any offer within the meaning of the Directive 2003/71/EC and amendments thereto, including Directive 2010/73/EU (the “Prospectus Directive”). The Offering will be made pursuant to an exemption under the Prospectus Directive, as implemented in Member States of the European Economic Area, from the requirement to produce a prospectus for offers of securities.

 
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