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."
About Scientific Games
Scientific Games Corporation
(NASDAQ: SGMS) is a leading developer of technology-based products
and services and associated content for the worldwide gaming,
lottery and interactive gaming industries. The Company's portfolio
includes gaming machines and game content; casino management
systems; table game products and services; instant and draw-based
lottery games; lottery systems; lottery content and services;
interactive gaming and social casino solutions, as well as other
products and services. For more information, please visit
www.scientificgames.com, which is updated regularly with financial
and other information about the Company.
COMPANY CONTACTS
Investor Relations:
Bill
Pfund +1 702-532-7663
Vice President, Investor Relations
bill.pfund@scientificgames.com
Media Relations:
Susan
Cartwright +1 702-532-7981
Vice President, Corporate Communications
susan.cartwright@scientificgames.com
Forward-Looking Statements
In this press release,
Scientific Games makes "forward-looking statements" within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995. Forward-looking statements describe future expectations,
plans, results or strategies and can often be identified by the use
of terminology such as "may," "will," "estimate," "intend," "plan,"
"continue," "believe," "expect," "anticipate," "target," "should,"
"could," "potential," "opportunity," "goal," or similar
terminology. These statements are based upon management's current
expectations, assumptions and estimates and are not guarantees of
timing, future results or performance. Therefore, you should not
rely on any of these forward-looking statements as predictions of
future events. Actual results may differ materially from those
contemplated in these statements due to a variety of risks and
uncertainties and other factors, including, among other things:
competition; U.S. and international economic and industry
conditions, including slow growth of new gaming jurisdictions, slow
addition of casinos in existing jurisdictions, and declines in the
replacement cycle of gaming machines; ownership changes and
consolidation in the gaming industry; opposition to legalized
gaming or the expansion thereof; inability to adapt to, and offer
products that keep pace with, evolving technology, including any
failure of our investment of significant resources in our R&D
efforts; inability to develop successful products and services and
capitalize on trends and changes in our industries, including the
expansion of internet and other forms of interactive gaming; laws
and government regulations, including those relating to gaming
licenses and environmental laws; dependence upon key providers in
our social gaming business; inability to retain or renew, or
unfavorable revisions of, existing contracts, and the inability to
enter into new contracts; level of our indebtedness, higher
interest rates, availability or adequacy of cash flows and
liquidity to satisfy indebtedness, other obligations or future cash
needs; inability to reduce or refinance our indebtedness;
restrictions and covenants in debt agreements, including those that
could result in acceleration of the maturity of our indebtedness;
protection of our intellectual property, inability to license third
party intellectual property, and the intellectual property rights
of others; security and integrity of our products and systems and
reliance on or failures in information technology and other
systems; challenges or disruptions relating to the implementation
of a new global enterprise resource planning system; failure to
maintain internal control over financial reporting; natural events
that disrupt our operations or those of our customers, suppliers or
regulators; inability to benefit from, and risks associated with,
strategic equity investments and relationships; failure to achieve
the intended benefits of our acquisitions; incurrence of
restructuring costs; implementation of complex revenue recognition
standards or other new accounting standards; changes in estimates
or judgments related to our impairment analysis of goodwill or
other long-lived assets; fluctuations in our results due to
seasonality and other factors; dependence on suppliers and
manufacturers; risks relating to foreign operations, including
fluctuations in foreign exchange rates, restrictions on the payment
of dividends from earnings, restrictions on the import of products
and financial instability, including the potential impact to our
business resulting from the affirmative vote in the U.K. to
withdraw from the EU, and the potential impact to our instant
lottery game concession or VLT lease arrangements resulting from
the recent economic and political conditions in Greece; changes in tax laws or tax rulings, or
the examination of our tax positions; dependence on key employees;
litigation and other liabilities relating to our business,
including litigation and liabilities relating to our contracts and
licenses, our products and systems, our employees (including labor
disputes), intellectual property, environmental laws and our
strategic relationships; influence of certain stockholders; and
stock price volatility.
Additional information regarding risks, uncertainties and other
factors that could cause actual results to differ materially from
those contemplated in forward-looking statements is included from
time to time in our filings with the SEC, including the Company's
current reports on Form 8-K, quarterly reports on Form 10-Q and its
latest annual report on Form 10-K filed with the SEC on
March 3, 2017 (including under the
headings "Forward Looking Statements" and "Risk Factors").
Forward-looking statements speak only as of the date they are made
and, except for Scientific Games' ongoing obligations under the
U.S. federal securities laws, Scientific Games undertakes no
obligation to publicly update any forward-looking statements
whether as a result of new information, future events or
otherwise.
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SOURCE Scientific Games Corporation