Scientific Games Banks Said to Pull Bridge-Loan Syndication
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Banks led by JPMorgan Chase & Co. put off syndicating $3.19 billion of loans for Scientific Games Corp. that finance its purchase of Bally Technologies Inc., leaving the lenders stuck holding the debt, according to four people with knowledge of the matter.
JPMorgan, Bank of America Corp. and Deutsche Bank AG, which were hired by the slot-machine maker to underwrite and sell the bridge loan, failed to gather interest from investors by an Oct. 3 deadline, said the people, who asked not to be identified because the information isn’t public. The company may repay the banks by selling bonds.