Light & Wonder, Inc. announced on September 10, 2025, that its wholly-owned subsidiary, Light and Wonder International, Inc. (LNWI), priced $1 billion in aggregate principal amount of 6.250% senior unsecured notes due 2033. The notes were priced at an issue price of 100.000% in a previously announced private offering. The offering is currently expected to close on September 24, 2025, subject to customary closing conditions.
LNWI intends to use the net proceeds from this offering to repay all outstanding borrowings under its revolving credit facility. Additionally, $700.0 million of LNWI’s outstanding 7.000% senior unsecured notes due 2028 will be redeemed, including related fees and expenses. Any remaining net proceeds are designated for general corporate purposes, which may include repurchases of the company’s equity.
This debt refinancing initiative is designed to optimize Light & Wonder's capital structure by extending the maturity profile of its debt and potentially reducing its overall interest expense. The new notes will be guaranteed on a senior basis by Light & Wonder and certain of its subsidiaries, and they will not be secured. This financial maneuver reflects the company's proactive approach to managing its debt and enhancing financial flexibility.
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