Light & Wonder to redeem outstanding notes via new US$550 million senior notes issue

Global gaming industry supplier Light & Wonder, Inc has revealed it will issue US$550 million in aggregate principal amount of 7.500% senior unsecured notes due 2031, with proceeds to be used to redeem its outstanding US$550 million of 8.625% senior unsecured notes due 2025.

According to details announced early Thursday morning (Asia time), the Notes, at an issue price of 100%, will be guaranteed on a senior basis by Light & Wonder and certain of its subsidiaries, and will not be secured.

The offering is expected to close on 23 August 2023, the company added.

Light & Wonder, which recently completed a secondary listing on the Australian Securities Exchange, this week reported a 20% increase in consolidated revenues to US$731 million in 2Q23, with profit back in the black at US$5 million and Adjusted EBITDA up 32.5% year-on-year to US$281 million.

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