Scientific Games' Takeover Of Bally Could Be In Trouble

SCIENTIFIC GAMES' TAKEOVER OF BALLY COULD BE IN TROUBLE

28th October, 2014 at 04:36:13
Source: http://www.azonlinecasinos.com

Major banks delay $3.19 billion backing.

The proposed acquisition of Bally Technologies by Scientific Games could be in trouble following reports Monday that JPMorgan Chase & Co. put off syndicating $3.19 billion of loans to help finance the purchase.

The news that JPMorgan, Bank of America Corp. and Deutsche Bank AG - hired by SG to sell the bridge loan - had failed to generate the necessary interest from investors by the October 3 deadline caused a drop of over 7% in the Scientific Games share price.

However, the banks reported a fall-back position, revealing that they have already successfully marketed about $2 billion in separate loans backing the acquisition.

Bloomberg business news observed that marketing the loans was hampered as yields on junk debt rose to their highest levels in a year.

In August this year Scientific Games announced its agreement to acquire all of the outstanding Bally common stock for $83.30 in cash per share for a total of $5.1 billion (see previous reports).

Scientific Games recently purchased Williams Gaming (WMS) in 2013 and also have other interests in the slots sector including Barcrest which was acquired in 2011.

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