Scientific Games greenshoe exercised, raising convertibles to $275 million

By Caroline Salls

Pittsburgh, Dec. 23 - Scientific Games Inc. said the underwriters of its recent offering of 0.75% convertible senior subordinated debentures due 2024 exercised the $25 million over-allotment option in full, raising the size of the deal to $275 million.

The New York City-based online betting and video poker company originally priced $250 million of the securities after the close on Dec. 1 to yield 0.75% with a 25% initial conversion premium.

Bear Stearns & Co. Inc. and JPMorgan Securities Inc. were the bookrunners for the Rule 144A deal.

Proceeds will be used to repay a portion of the term loan outstanding under the company's existing senior credit agreement and to finance a tender offer for its 12½% senior subordinated notes due 2010.

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