Scientific Games amends facility to update consolidated EBITDA

By Jennifer Chiou

New York, March 14 - Scientific Games Corp. and its wholly owned subsidiary, Scientific Games International, Inc., entered into an amended and restated credit agreement with JPMorgan Chase Bank, NA as the administrative agent, according to an 8-K filed with the Securities and Exchange Commission on Monday.

Specifically under the amendment, the definition of consolidated EBITDA will generally include the company's share of the earnings of its joint venture that holds the Italian instant ticket concession, whether or not those earnings have been distributed to Scientific Games, before interest expense, income tax expense and depreciation and amortization expense, provided that the amount will be capped at $25 million in any period of four consecutive quarters.

This amount is $30 million in the case of any period ending on or prior to June 30.

The amendment is effective as of Dec. 31 and additionally provides that up to $100 million of unrestricted cash and cash equivalents in excess of $15 million will be netted against consolidated total debt for purposes of determining Scientific Games' consolidated leverage ratio and consolidated senior debt ratio as of Dec. 31.

Scientific Games is a New York-based supplier of technology-based products, systems and services to gaming markets.

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