Scientific Games sanctions $1 billion debt sale

The governance of Nasdaq-listed gambling technology group Scientific Games Corporation (SGC) has moved to restructure its long-term corporate debt, confirming that it will sell + $1 billion of SGC debt notes to private investors.

Sanctioning a ‘private sale’, SGC governance will place a first tranche sale of $500 million of 5% senior debt secured notes, due for payment in 2025.

In addition, SGC will further issue a € debt sale of €325 million senior secured notes, followed by the company clearance of €250 million in corporate unsecured notes. Both € debt tranches are due for payment in 2026.

Once completed, SGC governance intends to use the net proceeds of its new notes, combined with borrowings secured through term B credit facility to reduce its outstanding 7% senior debts which is due for repayment in 2022.

The Nasdaq firm’s new debt notes will be guaranteed on a senior basis by SGC and certain group subsidiaries.

The update, sees SGC governance restructure its group long-term debt for the second time in six months.

Last October, SGC sanctioned a $350 million senior secured notes due for reimbursement in 2025, as governance raised funds for its cash and debt $631 million outright acquisition of NYX Gaming Group assets, announced on 20 September.

Issuing a January corporate update, SGC informed investors that the it would deliver full-year 2017 corporate net loss in the range of approximately $238-to-$248 million, improving on FY 2016 net loss of $354 million.


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