Scientific Games amends for $650 million of revolving commitments

By Sarah Lizee

Olympia, Wash., Nov. 20 – Scientific Games Corp. amended its credit agreement on Wednesday with Bank of America, NA as administrative agent, creating a new tranche of about $199.5 million revolving credit commitments and a new tranche of about $450.5 million multi-currency revolving credit commitments, according to an 8-K filing with the Securities and Exchange Commission.

The new revolving commitments replace the previous commitments outstanding under the agreement prior to the amendment.

Both tranches are due Nov. 20, 2024.

The amendment increases the availability under the revolver to $650 million through Nov. 20, 2024 and modifies, among other provisions, the financial maintenance covenant to provide for step-downs in the consolidated net first-lien leverage ratio covenant to 4.75x of consolidated EBITDA beginning with the fiscal quarter ended Dec. 31, 2020 and 4.5x beginning with the fiscal quarter ended Dec. 31, 2021.

Loans bear interest at Libor plus 250 basis points to 300 bps, and the commitment fee ranges from 37.5 bps to 50 bps. Both are based on leverage.

Scientific Games is a Las Vegas-based technology-based gaming company.

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