Scientific Games Offers Details On NYX Deal Funding
NYX Acquisition With Promissory Notes
Gaming giant Scientific Games (SG) has now announced that it will be offering $350 million’s worth of senior secured promissory notes in order to secure funding for its upcoming acquisition of NYX Gaming.
SG has since confirmed that the issuance of the notes will be a private offering for NYX, with the promissory notes being due for repayment by 2025. The company has also noted that the funds would be used to finance its acquisition of fellow iGaming firm NYX, as well as the payment of any debts associated with, and expenses occurring with the acquisition.
In a document sent to investors, SG stated that the aforementioned notes are to be guaranteed by the company’s senior levels and those of its subsidiaries. The notes will also be secured by liens using the same collateral that currently secures the firm’s indebtedness, under SG’s existing credit agreement and its 7.000% senior secured notes, which are due by 2022.
Firm To Acquire NYX For CAD$775 Million
The firm also added that the offering of these notes is ‘not conditioned’ on the completion of the acquisition of NYX. If this acquisition is not completed for any reason, SG has made its intentions clear to use the net proceeds from the offering of the notes for what it terms ‘general corporate purposes’ – including a prepayment of loan borrowings under its credit agreement.
This new development has followed Scientific Games giving the green light to acquire NYX and all of the company’s outstanding shares for a sum of CAD$2.40 per share. This was equivalent to around CAD$775 million (US$631 million) in September.
On completion of the pending acquisition, CEO of NYX Gaming Matt Davey will be overseeing the newly established <Digital Gaming> [[[http://www.casinos.ca/reviews/]]] and Sports Division at SG, while Kevin Sheehan will retain his current role as the company’s President and Chief Executive Officer.
SG Appoints Shawn Dennis As New CMO
Furthermore, SG has also revealed the appointment of Shawn Dennis as the firm’s new Chief Marketing Officer.
Dennis will be tasked with advancing SG’s international position as a leading brand, as well as promoting its brands, boosting customer engagement, and attracting new players to the firm’s gaming platforms, content, and technology.
On the announcement of the new appointment, CEO Kevin Sheehan noted that SG is excited to welcome Dennis to the team, saying that she is perfectly suited to the firm thanks to her experience in marketing for high-profile technology brands. Sheehan noted his confidence that Dennis will further SG’s efforts to enhance customer engagement, drive revenue growth, and further the company’s next growth phase.