Scientific Games completes $1.2 billion debt-note transaction

Issuing a corporate filing, Nasdaq-listed technology group Scientific Games Corporation (SGC) has confirmed that its wholly-owned subsidiary unit ‘Scientific Games International Inc’ has completed its private debt-offering of $1.2 billion sanctioned at the start of November.

A breakdown of the transaction sees Scientific Games debt-note comprised of two tranches set at $700 million of senior unsecured notes due for 2028, and $500 million of senior unsecured notes due for 2029.

Updating investors, SGC governance said that the net proceeds of the notes offering, together with cash on hand and borrowings under the existing revolving credit facility, will be used to redeem all $1,200m of SGI’s outstanding 10% senior unsecured notes due 2022.

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

The notes are guaranteed on a senior basis by Scientific Games and certain of its subsidiaries but are not secured said the firm.