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SGMS > SEC Filings for SGMS > Form 8-K on 15-Dec-2008All Recent SEC Filings

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Form 8-K for SCIENTIFIC GAMES CORP


15-Dec-2008

Other Events


Item 8.01. Other Events.

On December 11, 2008, the Company's existing stock repurchase program was extended through December 31, 2009. The program, originally announced in November 2006 and extended in December 2007, was due to expire on December 31, 2008. Under the program, the Company is authorized to repurchase, from time to time in the open market, shares of its outstanding common stock in an aggregate amount up to $200 million. As of December 15, 2008, the Company has approximately $167.0 million remaining for repurchases under the program. Purchases are expected to be funded by cash flows from operations, borrowings, or a combination thereof. The manner, timing and amount of purchases will be determined by the Company's management based on its evaluation of market conditions, share price and other factors. The program may be suspended or discontinued at any time.

The Company also adopted a repurchase program with respect to up to $50 million in aggregate principal amount of the Company's 0.75% Convertible Senior Subordinated Debentures due 2024 (the "Convertible Debentures"). There is approximately $273.8 million in aggregate principal amount of Convertible Debentures outstanding as of December 15, 2008. Purchases are expected to be funded by cash flows from operations, borrowings, or a combination thereof. The manner, timing and amount of purchases will be determined by the Company's management based on its evaluation of market conditions, price of the Convertible Debentures and other factors. The program may be suspended or discontinued at any time.


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