Mar 06, 2019 Newsdesk Latest News, Top of the deck, World  
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.
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Alejandro Tengco (pictured), chairman and chief executive of the Philippine Amusement and Gaming Corp (Pagcor), is to give the keynote speech for the opening of the SiGMA Asia conference for the...
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”The data and evidence on hand all point to the same conclusion: enough is enough. It is time to ban offshore gaming operations in the Philippines, once and for all”
Sherwin Gatchalian
Chairman of the Committee on Ways and Means of the Senate of the Philippines