Scientific Games Corporation has announced that it successfully completed an agreement which prolongs the maturity of its existing loan facilities with a value of $3bn.
Scientific Games International, a wholly-owned subsidiary of the technology developer, signed an amendment to its credit agreement that extended the maturity of its $3.283bn 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.
Kevin Sheehan, Chief Executive Officer of Scientific Games, said following this announcement: "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.
"Moreover, by improving our capital structure, future cash flow is further strengthened."