Scientific Games to launch $360 million credit facility on Oct. 17

By Sara Rosenberg

New York, Oct. 8 - Scientific Games Corp., formerly known as Autotote, is scheduled to hold a bank meeting on Oct. 17 for a new $360 million credit facility, according to market sources. Bear Stearns is the lead bank on the deal.

The loan consists of an $85 million revolver and a $275 million term loan, a source told Prospect News. Libor plus 300 basis points is the indicative pricing for the term loan, the source added.

"It's a best efforts deal," the source said. "It's not underwritten [meaning] they will only fund as much as they can syndicate."

Proceeds will be used to refinance existing debt.

The loan is anticipated to receive a Ba3 rating from Moody's Investors Service and a BB- rating from Standard & Poor's, however, official ratings have not yet been released, the source said.

Scientific Games is a New York, N.Y. provider of services, systems and products to the instant-ticket lottery industry and the pari-mutuel wagering industry.

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