Scientific Games Corporation has announced that its wholly owned subsidiary, Scientific Games International Inc, has successfully completed the private offering of $1,200m in aggregate principal amount of new senior unsecured notes. 

The offer comprised $700m of 7.000% senior unsecured notes due 2028 and $500m of 7.250% senior unsecured notes due 2029, each at an issue price of 100.000%.

The net proceeds of the notes offering, together with cash on hand and borrowings under the existing revolving credit facility, will be used to redeem all $1,200m of SGI’s outstanding 10.000% senior unsecured notes due 2022. 

They will also be used to redeem all $244m of its outstanding 6.250% senior subordinated notes due 2020, pay accrued and unpaid interest thereon plus any related premiums, fees and expenses, and pay related fees and expenses of the notes offering.

The notes are guaranteed on a senior basis by Scientific Games and certain of its subsidiaries, but are not secured said the firm.