Casino equipment and online games provider Light & Wonder Inc says one of its units has on Wednesday priced US$1.00 billion in aggregate principal amount of senior unsecured notes due in 2033, to be made available in a private offering to qualified investors, as it had flagged previously.
The net proceeds from the 6.250-percent interest notes to be issued on behalf of Light and Wonder International Inc (LNWI) will be used to repay all outstanding borrowings under the group’s revolving credit facility, and to redeem all US$700.0 million of LNWI’s outstanding aggregate principal amount of its 7.000-percent senior unsecured notes due in 2028, said the parent in a press release.
The net proceeds will also be used for general corporate purposes, which may include repurchases of the company’s equity, stated Light & Wonder.
The new notes will be guaranteed on a senior basis by Light & Wonder and certain of the group’s subsidiaries.
“The offering is currently expected to close on September 24, 2025, subject to customary conditions,” added the gaming supplier.
Light & Wonder in August reported net income of US$95 million for the three months to June 30, on revenue that fell 1.1 percent from a year earlier, to US$809 million.
At the time, the company confirmed that the group will transition to a sole listing on the Australian Securities Exchange (ASX) by the end of 2025.
Light & Wonder stated in its second-quarter results that the principal face value of its debt outstanding was US$4.9 billion, translating to a net debt leverage ratio of 3.7 times as of June 30, or combined net debt leverage ratio of 3.4 times.
