Lottomatica to raise €350 million from mandatory exchangeable via UBI

New York, Oct. 20 - Lottomatica Group SpA said it plans to raise €350 million through the offering of a three-year mandatory exchangeable bond to be issued by UBI Banca International SA.

At maturity in 2012, the bonds will be exchanged into Lottomatica shares.

Lottomattica will ask shareholders to approve a €350 million share capital increase to support the offering.

Mediobanca - Banca di Credito Finanziario SpA will be bookrunner for the exchangeable, which will be offered to qualified investors in Italy and elsewhere.

"The deal approved will allow us to meet our upcoming commitments, pursue our growth plan, and maintain a balanced financial structure," said Lottomatica chief financial officer Stefano Bortoli in a news release. "Maintaining our investment-grade rating continues to be a priority for the group."

Lottomatica is a Rome-based manager and operator of lottery games as well as a provider of other automated services.

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