Scientific Games International has announced the successful completion of a series of financing transactions.
The transactions include:
- A private offering of $900m additional aggregate principal amount of its five percent senior secured notes due 2025 at an issue price of 100.0%;
- A private offering of E325m of new 3.375 percent senior secured notes due 2026at an issue price of 100 percent
- A private offering of E250m of new 5.5 percent senior unsecured notes due 2026 at an issue price of 100 percent
- A $900m upsizing and repricing of its term loan B facility under its credit agreement that reduced the applicable interest rate on the term loans to LIBOR plus 275 basis points, which was a 50-basis point reduction
- An increase in the availability under the revolving credit facility to $620.2m through 18 October, 2018, with a step-down in availability at that time to $445.7m until the extended maturity date on 18 October, 2020.
The net proceeds of the financing transactions will be used to redeem all $2.1bn of the Company’s seven percent senior secured notes due 2022, prepay a portion of the borrowings under its revolving credit facility, including accrued and unpaid interest thereon and pay related premiums, fees and expenses of the transactions.