Scientific Games to price $1 billion tap of 7% notes due 2022 in Wednesday drive-by

By Paul A. Harris

Portland, Ore., Feb. 1 – Scientific Games Corp. plans to price a $1 billion add-on to the Scientific Games International, Inc. 7% senior notes due Jan. 1, 2022 on Wednesday, according to a market source.

J.P. Morgan Securities LLC is leading the Rule 144A and Regulation S deal.

The New York-based company plans to use the proceeds to prepay a portion of its term loans, to redeem or repurchase all of its outstanding senior subordinated notes due 2018, to repay a portion of its revolving credit facility and for general corporate purposes.

Scientific Games International is a wholly owned subsidiary of Scientific Games, a developer of technology-based products and services and associated content for gaming and lottery markets.

The original $950 million issue priced at par in November 2014.

The add-on notes will become fungible with the original notes.

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