Casino equipment and online games provider Light & Wonder Inc (L&W) says one of its units is to issue US$550.0 million in aggregate principal amount of senior unsecured notes due 2031 in a private offering.
The senior notes are being offered by Light and Wonder International Inc. They carry a yearly interest rate of 7.500 percent, according to a Wednesday statement.
The parent company said it intends to use the net proceeds of the notes offering, together with cash on hand, to redeem all US$550.0 million of its outstanding 8.625-percent senior unsecured notes due 2025, as well as to pay accrued and unpaid interest thereon plus any related premiums, fees and expenses.
The notes will be guaranteed on a senior basis by Light & Wonder and certain of its subsidiaries, and the notes will not be secured, stated the update.
The offering is currently expected to close on August 23, subject to customary conditions, it added.
On Tuesday, Light & Wonder reported revenue of US$731 million for the second quarter of 2023, up 9.1 percent sequentially. Second-quarter net income was US$5 million, compared to US$27 million in the first quarter.
The company however reported a net loss attributable to shareholders of US$1 million for the three months to June 30.
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Chief executive of casino equipment provider Light & Wonder