Casino equipment and online games provider Light & Wonder Inc (L&W) says one of its units has on Wednesday issued US$550.0-million in aggregate principal amount of senior unsecured notes due in 2031, via a private offering to qualified investors, as it had flagged previously.
The net proceeds from the 7.500-percent interest notes issued on behalf of Light and Wonder International Inc (LNWI), together with cash on hand, will be used to redeem all US$550.0-million of LNWI’s outstanding 8.625-percent senior unsecured notes due in 2025. Proceeds will also be used to pay accrued and unpaid interest on that latter obligation, and any related premiums, fees and expenses.
LNWI may redeem some or all of the new notes at any time prior to September 1, 2026, at a redemption price equal to 100 percent of the principal amount, said a Wednesday filing in the United States.
On August 8, the Light & Wonder parent 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.
At the time, Light & Wonder stated its net debt stood at just under US$3.02 billion, up from US$3.00 billion in the quarter to March 31. The company’s net debt leverage ratio as of June 30 was 2.9 times, compared to 3.3 times as of December 31.
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