• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Scientific Games, lenders agree on credit facility amendment

Oct 09, 2020 Newsdesk Industry Talk, Latest News  


Scientific Games, lenders agree on credit facility amendment

U.S.-based gaming equipment manufacturer Scientific Games Corp says the group has reached a deal with its lenders to amend an existing revolving credit facility agreement.

The latest amendment further extends the covenant relief period for an additional three quarters from March 31, 2021, according to a filing on Thursday.

As a result, the group’s subsidiary Scientific Games International Inc “is not required to maintain compliance with the otherwise applicable consolidated net first lien leverage ratio covenant” during the relief period.

According to the filing, the revised consolidated net first lien leverage ratio will now be set at 6 times consolidated earnings before interest, taxation, depreciation and amortisation (EBITDA), beginning with the fiscal quarter ending March 31, 2022. Such ratio will sequentially step down to 4.5 times consolidated EBITDA beginning with the first quarter of 2024 and thereafter, said Scientific Games.

The group had already negotiated an amendment to the same facility in May this year, which imposed a minimum liquidity requirement of at least US$275 million. Such requirement excluded SciPlay Corp, a subsidiary and business segment of Scientific Games.

A number of gaming equipment suppliers and casino operators have in recent months announced fresh debt issuance exercises or the amendment of existing credit facilities, to help them face the financial challenges posed by the negative impact on business from the Covid-19 pandemic.

In July, Scientific Games reported a net loss of US$203 million for second-quarter 2020, on revenue that fell by 36.2 percent year-on-year, to US$539 million.

On September 14, United States-listed Scientific Games announced that control of the group was changing hands, with the sale of a 34.9-percent stake – that had been held by financier Ronald Perelman – to other parties including Caledonia, a global investment firm that had also at some stage been an investor in the Australian slot machine brand Aristocrat

Tim Throsby, a former chief executive at United Kingdom-based Barclays Bank Plc, was appointed last month as an independent director of Scientific Games, with effect from October 1.


  • tweet
Related articles
  • IGT 3Q revenue up 54pct sequentially, narrows net loss
    IGT 3Q revenue up 54pct sequentially,...

    Nov 12, 2020  

  • Sci Games sees quarterly loss narrow sequentially in 3Q
    Sci Games sees quarterly loss narrow...

    Nov 05, 2020  

More news
  • Londoner Macao first phase launch Feb 8 says Sands China
    Londoner Macao first phase launch Feb 8...

    Jan 21, 2021  

  • Grand Lisboa Palace backer SJM taps circa US$1bln in notes
    Grand Lisboa Palace backer SJM taps...

    Jan 21, 2021  


Latest News

Londoner Macao first phase launch Feb 8 says Sands China

Londoner Macao first phase launch Feb 8 says Sands China

Jan 21, 2021  

The first phase of the newly-rebranded Macau casino resort the Londoner Macao is to be launched on February 8, the property’s promoter Sands China Ltd, announced on Thursday. The company said the...
Read More
Grand Lisboa Palace backer SJM taps circa US$1bln in notes

Grand Lisboa Palace backer SJM taps circa US$1bln in notes

Jan 21, 2021  

Sands China sixth Macau op to pledge staff extra payment

Sands China sixth Macau op to pledge staff extra payment

Jan 21, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

"Our expansion from 2021 and beyond will create tremendous opportunities to team members”

Francis Lui Yiu Tung

Vice chairman of Macau-based casino operator Galaxy Entertainment



Most Popular

  • CNY 2021 unlikely to boost Macau casinos, say observersCNY 2021 unlikely to boost Macau casinos, say observers January 15, 2021
  • Casino op MGM China to pay most staff discretionary bonusCasino op MGM China to pay most staff discretionary bonus January 18, 2021
  • Wynn and Melco also flag bonus for Macau staffWynn and Melco also flag bonus for Macau staff January 19, 2021
  • Investors see 2H Macau gain, rebound 2022: BernsteinInvestors see 2H Macau gain, rebound 2022: Bernstein January 19, 2021
  • Wakayama casino RFP deadline affirms still 2 suitorsWakayama casino RFP deadline affirms still 2 suitors January 18, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us