Scientific Games prices $250 million debt offering
Scientific Games Corp. said Wednesday that it has priced a debt offering that will enable the lottery games supplier to repay more than $200 million in other loans.
The refinancing calls for Scientific Games to sell $250 million of senior subordinated notes due in 2018 with an 8.125 percent interest rate.
Scientific Games, based in New York, intends to use that money to buy back $187 million in notes coming due in 2012. Those notes had an interest rate of 6.25 percent. The company will earmark at least $25 million to repay loans and may use some of the remaining money to cover its obligations under an Italian lottery contract.
The company's offering on the 8.125 percent notes is expected to close by Sept. 22.