The firm agreed the purchase in January for us$ 1.5 billion
Scientific Games to finance WMS deal with us$ 2.6 billion of loans
2013-04-10
Reading time 41 seg
(US).- Scientific Games received lender commitments to provide us$ 2.6 billion in loans to help back its purchase of WMS Industries. The financing includes a us$ 2.3 billion term portion and a us$ 300 million revolving credit line, according to a regulatory filing.
Bank of America, Credit Suisse Group, UBS and JPMorgan Chase & Co., Royal Bank of Scotland, Deutsche Bank, Goldman Sachs Group and HSBC Holdings are providing the debt, according to the filing.
Scientific Games agreed in January to buy WMS Industries for us$ 1.5 billion to create a global supplier of lottery equipment and slot machines.
WMS Industries expects that about us$ 1.6 billion of funding is needed for the acquisition and to refinance or repay its outstanding debt, according to the filing. Scientific Games, based in New York, will also use the proceeds to refinance its own borrowings and for general corporate purposes, according to the filing.
Under a revolver, money can be borrowed again once it’s repaid; in a term loan, it can’t.
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