Banks Prep $3.5 Billion of Debt for Brookfield's Lotto Purchase [Business News Network (BNN) (Canada)]
Scientific Games Corp (SGMS)
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Source: Business News Network
LP's acquisition of Scientific Games Corp.'s global lottery services and technology business, according to people with knowledge of the matter. The financing is expected to comprise of $2.5 billion in leveraged loans that will be denominated in dollars and euros, the people said. The remainder will be in junk bonds, they added. Timing is yet to be finalized but the debt offering may be launched as soon as late January, according to one of the people. Barclays will lead the bond portion of the sale, and Deutsche Bank the loans, the people said. Representatives for both banks and Brookfield Business Partners declined to comment. The entire acquisition is valued at about $5.8 billion, and Brookfield Business Partners is contributing about $2.6 billion of equity, according to a news release. The deal is expected to close in the second quarter of 2022. Bond and leveraged loan issuance topped the $1 trillion milestone last month, a record for a calendar year, according to data com
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