Scientific Games gets needed consents, tenders for 6¼% senior notes

By Marisa Wong

Madison, Wis., Sept. 22 - Scientific Games Corp. said that it received tenders and consents from holders of $107,562,000, or 57.5%, of its outstanding 6¼% senior subordinated notes due 2012 to amend the indenture of the notes.

The consents received by the early tender deadline exceeded the number needed to approve the proposed amendments. The company said it will thus enter into a supplemental indenture, operative upon payment of notes tendered on or prior to the early tender deadline and accepted for purchase.

The company is soliciting consents to adopt certain amendments to the notes' indenture to eliminate substantially all restrictive covenants and events of default provisions.

The tender offer and consent solicitation began on Sept. 8. The early tender deadline was set for 5 p.m. ET on Sept. 21, and the tender offer will expire at midnight ET on Oct. 5, unless extended or terminated.

The company is offering to purchase the notes at a price of $1,000 for each $1,000 principal amount of tendered notes. Holders who tendered and delivered consents by the early tender deadline will also receive an early tender amount of $7.50 per $1,000 of notes, for a total consideration of $1,007.50.

Holders who tender after the early tender deadline will receive only the tender offer consideration of $1,000 for each $1,000 principal amount of notes.

Notes tendered before the early tender date may not be withdrawn after the early tender deadline.

J.P. Morgan Securities LLC is the dealer manager and solicitation agent. Global Bondholder Services Corp. (866 857-2200 or 212 430-3774) is the information agent.

Scientific Games is a New York-based provider of lottery systems and services.

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