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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 23 /PRNewswire/ -- GTECH Corporation (NYSE: GTK) ("GTECH") today extended the expiration date of its June 8, 1992, cash tender offer (the "offer") for all of GTECH's $115,000 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 29, 1992. However, the early tender deadline expired on July 15, 1992 and is not being extended. 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, plus an additional payment of $30 per $1,000 principal amount for those noteholders who tendered their notes prior to the expiration of the early tender deadline. Approximately $110.5 million principal amount of notes have been tendered to date.
 The offer is subject to a number of conditions, including the consummation of the initial public offering GTECH Holdings Corporation which commenced on July 22, 1992, and is scheduled to close on July 29, 1992, the availability of financing and at least $100 million of notes being validly tendered, all as described in the 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 expiration date, 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 networks for government-sponsored or licensed lotteries on six continents. 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 2,900 worldwide.
 -0- 7/24/92
 /CONTACT: Craig Watson of GTECH, 401-392-1234/
 (GTK) CO: GTECH Corporation ST: Rhode Island IN: CPR SU:


TM -- NE008 -- 3036 07/24/92 12:36 EDT
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Publication:PR Newswire
Date:Jul 24, 1992
Words:360
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