Scientific Games launches $3.8 billion loan at Libor plus 275-300 bps

By Paul A. Harris

Portland, Ore., Jan. 24 – Scientific Games Corp. was scheduled to launch $3,775,000,000 of term loan debt on a Wednesday conference call with lenders, according to market sources.

Pricing is Libor plus 275 basis points to 300 bps, a 0% Libor floor, at par price for existing lenders and 99.75 for new lenders. There are six months of soft call protection at 101.

Commitments are due Jan. 31.

Bank of America Merrill Lynch is leading the deal.

The Las Vegas-based gaming and technology company has undertaken a massive debt refinancing that will include $1.4 billion of its 7% senior secured notes due 2022 and $185 million of borrowings under its revolver.

Those are portions of $8.5 billion of aggregate debt, according to a loan trader.

The refinancing will also include $300 million of new senior notes and a to-be-announced amount of senior secured notes, the company said in a Wednesday press release.

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