Scientific Games offers $1.2 billion in senior notes

Scientific Games Corp has announced today that its subsidiary, Scientific Games International, intends to offer an aggregate of $1.2 billion in senior unsecured notes due 2028 and 2029 via a private offering. 

Scientific Games said it intends to use the net proceeds of the notes offering, as well as cash from the company’s existing revolving credit facility, to redeem all $1.2 billion of SGI’s outstanding 10% senior unsecured notes due 2022, and all $244 million of SGI’s outstanding senior subordinated notes due 2020, along with any unpaid interest, related premiums, fees and costs related to the notes offering. 

Last week, Scientific Games posted its third-quarter results for 2019. 

The company swung to a net income of $18 million in the third quarter of 2019, due mainly to growth in revenue and a gain on remeasurement of Euro-denominated debt.

The net income result in 19Q3 was up from a net loss in the prior-year period of $352 million.

Third-quarter revenue rose 4 percent to $855 million, with growth achieved across every business segment.