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Scientific Games to raise US$550 million via proposed notes offering

Newsdesk by Newsdesk
Thu 18 Jun 2020 at 05:18
Scientific Games insists liquidity position strong after adding US$480 million in debt, cutting costs
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Scientific Games International, Inc (SGI), the global gaming arm of Scientific Games Corporation, has flagged its intention to launch a US$550 million private bond offering – part of the company’s ongoing efforts to boost liquidity.

According to an overnight announcement (Macau time), the offering would comprise US$350 million in aggregate principal amount of senior unsecured notes due 2025. Net proceeds of the offering would be used to redeem all US$340.6 million of SGI’s outstanding 6.625% senior subordinated notes due 2021 plus interest, costs and fees, and for working capital and general corporate purposes.

The company had previously priced the offering at US$350 million before raising it to US$550 million just hours later.

Scientific Games revealed in April it had boosted its liquidity position to ride out the COVID-19 storm by drawing down US$480 million under its revolving credit facilities and adding US$100 million in quarterly cost savings. It also outlined plans last month to return to breakeven by the end of the year, citing anticipated net cash outflow for the 30 June 2020 quarter of between US$70 million and US$90 million.

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Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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