On March 5, Scientific Games announced that they would be offering notes in an attempt to raise $1.1 billion, which could be used to pay off unsecured notes that were due to mature in 2022. That goal appears to have been reached, as they have exceeded the $1 billion in outstanding unsecured notes.

The rate of return on the notes will be 8.25% according to the company and will exist as senior unsecured debt notes. They are to be paid by the year 2026 as the company guarantees payment of 100% on the issued price plus interest.

This appears to be a rather shrewd move by Scientific Games. By paying off the $1 billion in unsecured notes, they have actually decreased the amount of interest that they will have to pay to investors. The notes that were set to mature in 2022 had a 10% return on them, saving the company 1.75% per note while giving them additional time to pay those who purchased the notes. According to Deutsche Bank Securities, this is expected to save Scientific Games at least $9 million a year in interest payments.

Scientific Games has found itself in a bit of a financial mess over the last couple of years. Despite seeing a significant increase in profit in the fourth quarter of 2018, reaching nearly $207 million, the company still reported a net loss in 2018 of $353 million. This was an increase of over $110 million from the previous year.