Scientific Games, the global leader in the gaming and lottery space, recently announced the completion of its credit agreement. The company, which boasts a diverse range of products including lottery games, electronic gaming machines, and sports betting technology, has secured a five-year term loan that is set to deliver significant benefits.

The credit agreement, which is worth an impressive $1.1 billion, will be used to refinance the company`s existing debt, reduce interest expenses, and provide increased financial flexibility. The deal was led by JPMorgan Chase Bank, N.A., and also secured the participation of Goldman Sachs Bank USA, Barclays Bank PLC, and Bank of America, N.A.

Speaking on the significance of the credit agreement, Scientific Games President and CEO, Barry Cottle, noted that the deal will position the company for future growth, stating: “This transaction represents a key step in our strategy to improve our capital structure, extend debt maturities, and lower our cost of capital to create financial flexibility that enables us to execute on our well-defined growth initiatives.”

The completion of the credit agreement is a significant milestone for the company, which has been working to increase its financial stability and improve its balance sheet. The move comes after a challenging year that has seen the gaming industry navigate the effects of the COVID-19 pandemic, which has disrupted operations and reduced revenue.

Despite these challenges, Scientific Games has continued to innovate and drive new technology solutions for the gaming industry, including the launch of OpenSports, the world`s leading sports betting solution. The company has secured several new partnerships and contracts for its various products, further cementing its position as a market leader.

With the completion of this credit agreement, Scientific Games is primed for continued success. The company`s commitment to innovation and growth, combined with its improved financial position, make it a compelling choice for investors and customers alike.

In conclusion, the completion of Scientific Games` credit agreement is a significant development that will provide the company with increased financial flexibility and stability. As the gaming industry continues to evolve and adapt, Scientific Games is well-positioned to lead the way with its innovative products and solutions.