A wholly-owned unit of gaming equipment and digital content provider Light & Wonder Inc has clinched an amendment to an agreement with several banks that sees the group’s revolving credit capacity increase by a third, to US$1 billion.
That is according to a Monday filing in the United States. Its previous revolver was for up to US$750 million.
The deal is between Light and Wonder International Inc (LNWI), a Delaware corporation, and several banks and other financial institutions, with JPMorgan Chase Bank NA, as agent.
The amended agreement also extends the maturity date on the revolving commitments, stated the parent company.
There is in addition, a reduction on applicable margin for the revolving loans bearing interest. The new rate varies, depending on what benchmark rate applies to portions of the facility, but, based upon certain leverage tests, should be between 0.50 percent and 1.00 percent for a portion of the loan, and between 1.50 percent and 2.00 percent for the remaining.
According to Light & Wonder’s third quarter results issued in November, as of September 30, the group had total long-term debt outstanding of just over US$3.91 billion in face value. Its LNWI revolver – subject to variable rates of interest – had a 2027 maturity as of that date.
Light & Wonder had cash and available liquidity of just under US$1.09 billion, including US$750 million under its revolver, as of September 30.
