Scientific Games Corporation Fulfills $1.2 Billion Notes Offering Goal

Less than two weeks after the company first proposed the sale of senior notes, Scientific Games (SG) has announced that they’ve reached the goal of raising $1.2 billion sought as part of a private offering of senior unsecured notes.

The offering was initiated on November 14 and each note was issued at 100%. Scientific offered notes that comprised $700 million of 7.000% senior unsecured notes that were bound to reach maturity in 2028 as well as $500 million of 7.250% senior unsecured notes that would be due in 2029.

The money that has been borrowed under an existing revolving credit line will be combined with the net proceeds of the offering and this amount will be used to redeem all of the $1.2 billion outstanding notes that are 10.000% senior unsecured notes that are due in 2022. This will also include $244 million SGI notes at 6.250% senior subordinated notes that are due in 2021.

The money will also be used to pay off any unpaid interest, related s, expenses and fees or any other included expenses.

SG and certain subsidiaries of the company will guarantee for each of the notes on a senior basis. However, the subsidiaries are not secured according to the company.

Previous Losses

Before the offering, the company issued reports that stated a decrease in earnings of $0.15 per share for the most recent quarter that ended on September 30, including a $3.85 loss per share in comparison to the end of the third quarter of 2018. The speed at which the shares were sold shows that the state of Scientific is better than many may think.

SG has recently made plans to expand their OpenGaming platform by partnering with Everi and launch iGaming across Europe, Canada, Pennsylvania and New Jersey. This deal with Everi allows the company to showcase their large library of interactive games in the OpenGaming system.

About SG Corporation

Scientific has roots dating back to 1930’s and now it is the gaming and lottery leader in the iGaming industry and their mission is to empower their customers by providing them with the world’s best gaming and lottery experiences.

Their casino, interactive and instant lottery games are designed to reach players wherever they are and can be accessed at any time and through any channel they choose, be it casino, retail or digital.

The company has around 9,500 employees worldwide and they are headquartered in Las Vegas; its teams serves customers on six continents. They provide their customers with security, creative content, operating efficiencies and innovative technology. SG’s SG Digital together with NYX Gaming Group makes the most diverse supplier of digital gaming and sports betting technology and content in the industry.

Source:

“Scientific Games reaches $1.2 billion notes offering mark”, Ad Miral, calvinayre.com, November 28, 2019.