Scientific Games to redeem or buy back subordinated notes due 2018

By Susanna Moon

Chicago, Feb. 1 – Scientific Games Corp. said it plans to redeem or repurchase all of its outstanding senior subordinated notes due 2018 using proceeds of a new issue.

Scientific Games does not expect to repurchase or redeem any 2018 notes before March 15, according to a company announcement.

The company plans $1 billion of 7% senior secured notes due 2022 in an add-on private offering under Rule 144A and Regulation S.

The new notes will be issued under the same indenture as the company’s $950 million of 7% senior secured notes due 2022.

Proceeds also will be used to prepay some of the company’s term loans, to repay a portion of its revolving credit facility and for general corporate purposes.

The issuer is a New York-based provider of technology-based products and services and associated content for gaming and lottery markets.

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