Scientific Games fulfils $1 billion 2026 debt note financing

The governance of Nasdaq-listed gambling technology group Scientific Games Corporation (SGC) has confirmed that it has completed its $1.1 billion private note offering, first announced on 6 March 2019.

The transaction is aggregate to 8.25% of SGC senior unsecured debt-notes, due for repayment in 2026 at an issue price of 100%.

SGC governance intends to use the debt proceeds to redeem approximately $1.0 billion of its outstanding 10% senior unsecured notes transaction due in 2022.

Furthermore, the Nasdaq enterprise will pay back accrued interest and further debt related premiums, fees and costs and pay related fees and expenses.

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

Seeking to expand its digital services and operational capacity, following its $630 million acquisition of NYX Gaming (completed January 2018), SGC governance moved to secure a 1 billion $/€ tranche debt financing round, undertaken in February 2018.

Further 2018 events, saw SGC governance incorporate a new ‘revenue recognition accounting’ model incorporating new divisions and the firm’s enlarged debt capacity.

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