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GTECH COMPLETES INITIAL PUBLIC OFFERING

 GTECH COMPLETES INITIAL PUBLIC OFFERING
 WEST GREENWICH, R.I., July 29 /PRNewswire/ -- GTECH Holdings


Corporation (NYSE: GTK) announced today that is had closed initial public offering or 9,775,000 shares of its common stock (including 1,275,000 shares purchased through the exercise of the underwriters' over-allotment option) of which 5,900,000 shares were sold by the company and the remainder by selling stockholders. In connection with the closing of the offering, the company's operating subsidiary, GTECH Corporation, has replaced its existing bank credits facilities with a new $300 million revolving credit facility with a syndicate of banks led by Chemical Bank. The company also announced that GTECH Corporation is accepting for purchase $110.5 million principal amount of GTECH Corporation's 14 percent senior subordinated notes due Aug. 1, 2000 tendered in response to its cash tender offer which expires today.
 GTECH Corporation also is redeeming all of its outstanding 12-3/4 percent subordinated convertible debentures due April 15, 2005, and its senior preferred stock, Series A. The debentures will be redeemed on Aug. 31, 1992, at a redemption price of approximately 1.03 percent of par, plus accrued interest, and the senior preferred stock will be redeemed on Sept. 1, 1992, at a redemption price of $26 per share, plus accrued dividends. GTECH Corporation also declared a quarterly dividend of approximately $1.03 per share on its senior preferred stock payable in cash Aug. 1, 1992, to stockholders of record on July 15, 1992.
 -0- 7/29/92
 /CONTACT: Craig Watson of GTECH, 401-392-1000/
 (GTK) CO: GTECH Corporation ST: Rhode Island IN: CPR SU: TNM


CH -- NE014 -- 4772 07/29/92 16:33 EDT
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Publication:PR Newswire
Date:Jul 29, 1992
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