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Scientific Games outlines NYX acquisition funding deal

Gaming heavyweight Scientific Games have announced the offering of $350m in senior secured promissory notes as a method of securing funding for its pending acquisition of NYX Gaming.
The company confirmed that the issue of notes would be a private offering, with the promissory notes due for repayment in 2025. Scientific games also confirmed that the money would be used to finance the acquisition of NYX and the payment of any associated debts and expenses incurred as part of this purchase.
In a note to investors the firm stated that “The Notes will be guaranteed on a senior basis by Scientific Games and certain of its subsidiaries. The Notes will be secured by liens on the same collateral that secures indebtedness under Scientific Games’ existing credit agreement and SGI’s 7.000% senior secured notes due 2022.â€
However Scientific Games added: “The offering of the Notes is not conditioned upon the consummation of the NYX Acquisition. If the NYX Acquisition is not consummated for any reason, the Company intends to use the net proceeds from the offering of the Notes for general corporate purposes, which may include the prepayment of term loan borrowings under the Company’s existing credit agreement.â€
This latest development follows Scientific Games agreeing a deal acquire NYX and all the outstanding shares of the company for CAD$2.40 per share, equivalent to approximately CAD$775m (US$631m) last month.
Upon completion of the acquisition, NYX Gaming CEO Matt Davey will oversee a newly created Digital Gaming and Sports Division at Scientific Games, with Kevin Sheehan remaining in his current as Chief Executive Officer and President.
Scientific Games have also announced the appointment of Shawn Dennis to the role of Chief Marketing Officer.
As CMO, Dennis will be responsible for elevating Scientific Games’ global leadership brand position, promoting its brands and increasing engagement with customers and players for the company’s content and technology in gaming, interactive and lottery.
In announcing the appointment, Scientific Games CEO and President Kevin Sheehan said: “We are excited to welcome Shawn to the Scientific Games executive team. With her tremendous experience leading marketing for high profile companies and brands in the entertainment and technology sector, she is perfectly suited to lead our marketing efforts to enhance consumer and customer engagement, drive topline revenue growth and catapult the Company’s next phase of growth.“
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