Cleary Gottlieb represented Credit Suisse International (CSI) as a counterparty to a variable forward transaction with De Agostini S.p.A. (De Agostini), the majority shareholder of International Game Technology PLC (IGT), and represented Credit Suisse Securities (USA) LLC as underwriter in a related registered secondary public offering of 18 million ordinary shares of IGT to establish CSI’s hedge position with respect to the variable forward transaction.
As part of the variable forward transaction, De Agostini agreed to deliver shares of IGT (or the cash equivalent) to CSI at maturity. De Agostini may receive a prepayment based on the forward price if it fulfills certain gaming-related regulatory and other conditions.
IGT did not sell any shares or receive any proceeds from the offering. The deal priced on May 22, 2018, and closed on May 25, 2018. IGT operates and provides gaming services and products, including lotteries, machine gaming, sports betting and interactive gaming.