United States-based maker of casino equipment Scientific Games Corp will offer US$1.1 billion worth of debt and use the proceeds to pay down US$1 billion in unsecured notes maturing in 2022.
On Tuesday, the company issued an announcement saying its subsidiary, Scientific Games International Inc, would offer the senior unsecured notes – due to mature in 2026 – to institutional investors outside the United States.
In a second announcement, issued on Wednesday, Scientific Games said its subsidiary had set an issue price of 100 percent for the new, 8.25-percent, notes.
The second notice stated the company expected the offering to close on March 19.
Scientific Games said the net proceeds would redeem about US$1 billion of its outstanding 10-percent senior unsecured notes and settle the expenses of bringing the debt issue to the market.
In February, Scientific Games announced its annual net loss grew to US$352.4 million in 2018 from US$242.3 million the year before, on annual revenue that increased by 9.1 percent to US$3.36 billion.
In the fourth quarter of last year, the company made a net profit of US$206.8 million, having made a net loss of US$43.1 million a year earlier, on revenue that increased by 7.6 percent to US$885.7 million.
Scientific Games’ net debt stood at about US$9.05 billion at December 31, compared to nearly US$8.08 billion one year earlier.
May 24, 2019Las Vegas Sands Corp is only in the running for a big-city Japan casino licence, said the group’s managing director of global development, George Tanasijevich (pictured), in an interview with...
May 24, 2019
"We like Japan. We like all areas…but it is a matter of what the local government and the local people really want"
Ted Chan Ying Tat
Chief operating officer of Galaxy Entertainment Japan