Bear Stearns is in the market with an amendment for Scientific Games Corp. to cut the term loan spread down to LIBOR plus 2 1/2%. There is a step down to LIBOR plus 2 1/4% if senior leverage falls below 1.75 times. The loan was previously priced at LIBOR plus 2 3/4%. The company was last in the market in November to refinance its term loans and increase the revolver by $25 million to $75 million. At that time the "C" loan was $462.825 million. The current size of the loan could not be determined. MacAndrews & Forbes Holdings owns about 24% of the company. A Scientific Games spokeswoman and Bear Stearns bankers declined comment. Scientific Games is a New York-based supplier of wagering equipment and instant lottery systems.
Scientific Games Cuts Spread