Scientific Games amends, pushing out revolver, term loan maturities

By Sara Rosenberg

New York, Aug. 31 - Scientific Games Corp. amended its credit facility, extending the maturity of some revolver and term loan commitments to June 30, 2015 from June 9, 2013, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

About $247 million, or 99%, of the revolver was extended and $555.8 million, or 98%, of the term loan was extended.

The company has the ability to extend the maturities, or reduce or prepay without premium, the $16.4 million of revolver and term loans that were not extended.

In addition, the amendment revised the consolidated leverage ratio to 5.75 to 1.00 through Dec. 31, 2013, 5.50 to 1.00 from Jan. 1, 2014 through Dec. 31, 2014, and 5.25 to 1.00 thereafter, and the consolidated senior debt ratio was modified to 2.75 to 1.00.

Also, the two lowest applicable margin levels in the credit agreement's leverage-based pricing grid were eliminated so that the spread can now range from Libor plus 250 basis points to 350 bps based.

Furthermore, the amendment provides additional refinancing flexibility in the form of bank debt or debt securities that may be unsecured or secured, provides for a $200 million accordion feature and allows for the use of an existing restricted payment basket for investments and prepayments of certain debt.

The amendment was completed on Aug. 25.

JPMorgan Chase Bank is the administrative agent on the deal.

Scientific Games is a New York-based provider of customized, end-to-end gaming services to lottery and gaming organizations.

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