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GTECH CORPORATION EXTENDS TENDER OFFER FOR SENIOR SUBORDINATED NOTES

GTECH CORPORATION EXTENDS TENDER OFFER FOR SENIOR SUBORDINATED NOTES
 WEST GREENWICH, R.I., July 9 /PRNewswire/ -- GTECH Corporation ("GTECH") today extended the Early Tender Deadline and the Expiration Date of its June 8, 1992 cash tender offer (the "Offer") for all of GTECH's $115 million aggregate principal amount of 14 percent Senior Subordinated Notes due Aug. 1, 2000 (the "Notes"). The Expiration Date of the Offer has been extended to 5 p.m. New York City time on July 24, 1992, and the Early Tender Deadline has been extended to 5 p.m. New York City time on July 15, 1992. Under and subject to the terms of the Offer, GTECH is offering to purchase for cash the Notes for $1,130 per $1,000 principal amount, together with accrued interest, and holders who tender prior to the extended Early Tender Deadline will receive an additional payment of $30 per $1,000 principal amount. Approximately $110.5 million principal amount of Notes have been tendered to date.
 Withdrawal rights for Notes tendered on or before July 7, 1992 have not been extended and expired at 5 p.m. New York City time on July 7, 1992. Notes tendered after such date may only be withdrawn if, after the date of tender, GTECH reduces the purchase price for the notes to less than the price at the time of such tender, at which time a holder may withdraw previously tendered Notes until the expiration of 10 business days after the date that the notice of such reduction is first published, given or sent to holders by GTECH.
 The Offer is subject to a number of conditions, including the consummation of the initial public offering referred to in the Offer to Purchase described below, the availability of financing and at least $100 million of Notes being validly tendered. The terms and conditions of the Offer are described in an Offer to Purchase dated June 8, 1992 which was mailed to holders of Notes. Except to the extent necessary to reflect the extension of the Early Tender Deadline and Expiration Date and expiration of withdrawal rights, the terms of the Offer have not been amended in any respect.
 Donaldson, Lufkin & Jenrette Securities Corporation is the dealer- manager for the Offer. The Bank of New York is the depositary.
 GTECH Corporation designs, produces, implements, operates and services computerized systems for government-sponsored or licensed lotteries. GTECH currently supplies and/or operates lottery systems for 25 U.S. customers and 32 jurisdictions outside of the United States.
 GTECH Corporation employs approximately 1,000 people in Rhode Island and more than 2,700 worldwide.
 -0- 7/9/92
 /CONTACT: Craig Watson of GTECH, 401-392-1000/ CO: GTECH Corporation ST: Rhode Island IN: SU:


DD -- NE006 -- 7743 07/09/92 09:26 EDT
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Publication:PR Newswire
Date:Jul 9, 1992
Words:464
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