Issuing a market filing, the governance of Nasdaq-listed gambling/lottery technology group Scientific Games Corporation (SGC) has confirmed that it will pursue offering a $1.1 billion senior unsecured note transaction to private investors.
Subject to market conditions, the enterprise will move to restructure its debt financing capacity, processing the transaction via ‘wholly owned’ subsidiary Scientific Games International.
The filing details that SGC targets generating $1.1 billion in unsecured debt available to private investors, with its transaction attached to 2026 due date.
Once funding is complete, the group’s governance will use debt proceeds to ‘redeem approximately $1.0 billion of its outstanding 10.000% senior unsecured notes transaction due in 2022’.
Furthermore, SGC will utilise its new debt notes to payback accrued interest, debt bond premiums and further debt-related third party fees, costs and expenses.
Aiding its corporate expansion and diversification strategy, in February 2018 SGC governance secured a two tranche €&$ 1 billion debt financing round, with proceeds generated used to acquire and integrate its $630 million NYX Gaming assets.
From 2018 onwards, SGC governance has incorporated a new corporate auditing model factoring ‘revenue recognition accounting’ which better reflects the firm’s diverse operating units and enlarged debt capacity.