Scientific Games Announces Completion of Refinancing Transaction
LAS VEGAS, Aug. 14, 2017 /PRNewswire/ -- Scientific Games Corporation (NASDAQ: SGMS) ("Scientific Games" or "the Company") today announced that its wholly owned subsidiary, Scientific Games International, Inc. ("SGI"), completed an amendment to its credit agreement that extended the maturity of its $3.283 billion of existing term loans and reduced the applicable interest rate on the term loans to a rate of LIBOR plus 325 basis points with no LIBOR floor. All of the term loans under the credit agreement are now scheduled to mature on August 14, 2024 (subject to accelerated maturity under certain circumstances).
"Our ongoing attention toward improving operating execution, generating stronger cash flows and deleveraging our balance sheet has enabled us to amend our credit agreement on more favorable terms," said Kevin Sheehan, Chief Executive Officer of Scientific Games. "Moreover, by improving our capital structure, future cash flow is further strengthened."