LNW subsidiary issues $550M 7.500% notes due 2031 to refinance 8.625% notes due 2025

Light & Wonder, Inc.

Light and Wonder International issued $550M 7.500% senior unsecured notes due 2031 at 100% of par.
Net proceeds, plus cash on hand, will redeem all $550M of outstanding 8.625% senior notes due 2025.
Interest rate drops by 1.125%, reducing annual interest expense.
Notes are guaranteed on a senior unsecured basis by Light & Wonder and certain subsidiaries.
Private offering to QIBs and non-U.S. persons under Rule 144A and Regulation S.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Light & Wonder, Inc. entered into Indenture with Deutsche Bank Trust Company Americas valued at $550,000,000 aggregate principal amount of 7.500% senior unsecured notes due 2031 (effective 2023-08-23).

Action: entry
Agreement: notes offering
Counterparty: Deutsche Bank Trust Company Americas
Value: $550,000,000 aggregate principal amount of 7.500% senior unsecured notes due 2031
Effective: 2023-08-23

Exact text from the filing

On August 23, 2023, Light and Wonder International, Inc. (“ LNWI ”), a wholly owned subsidiary of Light & Wonder, Inc. (the “ Company ”), issued $550.0 million in aggregate principal amount of senior unsecured notes due 2031 (the “ Notes ”) in a private offering to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the “ Securities Act ”), and to non-U.S. persons under Regulation S under the Securities Act.

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Source: SEC EDGAR

accession 0001104659-23-094510

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