Jul 02, 2020 Newsdesk Industry Talk, Latest News  
U.S.-based gaming equipment manufacturer Scientific Games Corp says a wholly-owned subsidiary called Scientific Games International Inc has completed a private offering of US$550 million of new senior unsecured notes.
The offer comprised US$550 million of 8.625 percent senior unsecured notes due 2025, offered at an issue price of 100 percent.
Scientific Games said in a press release on Wednesday that it would use the net proceeds of the exercise to redeem US$340.6 million of outstanding 6.625-percent senior unsecured notes, due to mature in 2021.
The parent company said additionally that it would also use the proceeds to settle accrued and unpaid interest plus any related premiums related with the notes it planned to redeem. In addition, the proceeds would also be used to pay various costs related to the latest note offering, as well as working capital and for other general corporate purposes, added the firm.
When announcing the offering last month, the group said the notes would be guaranteed on a senior basis by Scientific Games and some of its other subsidiaries, and the notes would not be secured.
A number of casino operators and gaming equipment suppliers have in recent weeks announced fresh debt issuance exercises, to help them face the financial challenges posed by the negative impact on business from the Covid-19 pandemic. In its press releases on the note offering, Scientific Games made no reference to Covid-19.
The gaming supplier said in May that its first-quarter net loss widened to US$159 million, from US$24 million a year earlier. The company said the quarterly results had been “negatively impacted by the Covid-19 disruptions”.
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