Scientific Games pursues new $1.2 billion debt note placement

Nasdaq-listed industry technology group Scientific Games Corporation (SGC) has confirmed that subsidiary Scientific Games International intends to pursue a private bond placement targeting $1,200m in aggregate principal amount of senior unsecured notes due 2028 and senior unsecured notes due 2029 in a private offering.

In the announcement, made today, the firm said it intends to use the net proceeds of the notes offering, together with cash on hand and borrowings under the company’s existing revolving credit facility, to redeem all $1.2bn of SGI’s outstanding 10.000% senior unsecured notes due 2022.

It will also be used to redeem all $244m of SGI’s outstanding 6.250% senior subordinated notes due 2020, pay accrued and unpaid interest thereon plus any related premiums, fees and costs and pay related fees and expenses of the notes offering.

The notes, which will be guaranteed on a senior basis by Scientific Games and certain of its subsidiaries, will not be secured.

News of the note offering follows hot on the heels of SG’s Q3 results for the trading period ended September 30, 2019, in which it reported growth across every segment of its business, with the exception of gaming operations which saw a sequential loss of $1m.

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