Scientific Games notes rise after stake sale news; Revlon eyed as tender offer expires

By James McCandless

San Antonio, Sept. 14 – At the opening of the new week, the distressed debt space saw focus on newsmakers in consumer-facing sectors.

Scientific Games Corp.’s notes were on the rise after news broke that a group of investors had agreed to buy a 34.9% stake in the name.

The 7% senior notes due 2028 added 2¾ points to close at 99½ bid. The 7¼% senior notes due 2029 gained 2¾ points to close at 99½ bid.

About $12 million of the paper was on the tape.

During Monday’s activity, the Las Vegas-based gaming technology company announced that a group of investors featuring Caledonia Investments would purchase a 34.9% stake.

The deal includes the addition of three members to the board of directors.

The stake was purchased from MacAndrews & Forbes, which announced its intention to sell the holdings in July.

In a statement, Scientific Games said that it would focus on digital gaming and sports betting.

Elsewhere, in retail, Revlon, Inc.’s issues varied in direction after announcing the expiration of a private exchange offer without reaching the required minimum amount of tenders.

The 5¾% senior notes due 2021 improved by 1¼ points to close at 32 bid. The 6¼% senior notes due 2024 declined by 4½ points to close at 10½ bid.

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