Jun 18, 2020 Newsdesk Industry Talk, Latest News, Top of the deck  
Casino equipment supplier Scientific Games Corp is upsizing a senior unsecured note offering to US$550.0 million, the company said on Wednesday. The principal amount of the offering was increased from a previously announced offering size of US$350.0 million, as disclosed by Scientific Games earlier that day.
The firm said in its latest press release its wholly owned subsidiary Scientific Games International Inc had priced US$550.0 million in aggregate principal amount of 8.625-percent senior unsecured notes due 2025, at an issue price of 100.000 percent.
Scientific Games said it intends to use the net proceeds of the note offering to redeem all US$340.6 million of Scientific Games International’s outstanding 6.625-percent senior subordinated notes due 2021, and to pay accrued and unpaid interest thereon plus any related premiums, fees and costs. In addition, the company plans to use the capital raised to “pay related fees and expenses of the notes offering and to fund working capital and general corporate purposes.”
The notes will be guaranteed on a senior basis by Scientific Games and some of its other subsidiaries, and the notes will not be secured, the firm said. The offering is expected to close on July 1.
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 release on the note offering, Scientific Games made no reference to Covid-19.
Scientific Games got a new chief financial officer earlier this month. Michael Eklund took over from Michael Quartieri, who will remain with the company full time until June 30 and in a consulting role through to December 31, said the firm in a press release.
The gaming supplier said last month 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”.
May 10, 2023
May 02, 2023
Jun 02, 2023
Jun 02, 2023
Jun 02, 2023
Genting Singapore Ltd says Lam Yi Young has resigned from his role as deputy chief executive of Resorts World at Sentosa Pte Ltd. The latter firm is an indirect wholly owned subsidiary of Genting...Jun 01, 2023
Alfastreet, a manufacturer of electronic gaming machines,...Jun 01, 2023
Casino equipment maker Sega Sammy Creation Inc is tweaking...Jun 01, 2023
The iGaming segment in Asia “has grown rapidly” since...May 31, 2023
Showing slot machine players – via animations on the...May 31, 2023
Macau stocks in likelihood “have been punished too much...May 31, 2023
There are foreign companies still interested in investing...May 31, 2023
Thailand could pass the necessary enabling legislation for...May 30, 2023
China will remain a key market for Asian gaming...May 30, 2023
Alejandro Tengco (pictured in a file photo), chairman and...May 30, 2023
There are “plenty of reasons” for the global gaming...May 30, 2023
Gaming equipment provider International Game Technology Plc...May 30, 2023
The Global Gaming Expo (G2E) Asia 2023 Special Edition:...May 29, 2023
Austria-based gaming equipment maker and operator Novomatic...May 25, 2023
Sports betting and online casino operating platform...May 24, 2023
The business performance in Asia of gaming content and...May 18, 2023
The organisers of Global Gaming Expo (G2E) Asia 2023...May 17, 2023
Gaming content and equipment supplier Light & Wonder...May 16, 2023
Casino equipment maker Sega Sammy Creation Inc is to...May 09, 2023
Casino slot machine and digital gaming content provider...May 05, 2023
The Global Gaming Expo (G2E) Asia event in Singapore is the...May 04, 2023
An adviser to a Thailand parliamentary committee mulling...(Click here for more)
US$8.1 billion
Macau’s casino gross gaming revenue in the five months to May 31