Global gaming supplier Light & Wonder said Wednesday it has successfully completed a US$550 million private offering of new 7.500% senior unsecured notes due 2031.
The offering, first announced two weeks ago and at an issue price of 100.000%, will see proceeds used to redeem all US$550 million of the company’s outstanding 8.625% senior unsecured notes due 2025. Light & Wonder will also use cash on hand to cover any shortfall in relation to covering accrued and unpaid interest, related premiums, fees and expenses.
The company has enjoyed a busy month in August, having earlier reported a 20% increase in consolidated revenues for the three months to 30 June 2023 to US$731 million, boosted by record revenues in both the SciPlay and iGaming segments.
It also reduced its total debt to US$3.89 billion and narrowed its net debt leverage ratio to 2.9x from 3.3x at the end of 2022.
Light & Wonder revealed at the time that it had entered into a definitive agreement to acquire the remaining 17% equity interest in SciPlay that it doesn’t already own as part of a US$485 million deal – a transaction it described as “accelerating our cross-platform strategy and creating an even stronger and more efficient platform for growth,” according to President and CEO, Matt Wilson.
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