Gaming giant Light & Wonder has announced that its subsidiary has successfully completed the private offering of $1 billion in new notes.
According to a company release on Wednesday, the notes come at an issue price of 100 percent and amount to new 6.25 percent senior unsecured notes due in 2033.
The net proceeds are expected to be used to pay down its revolving credit facility, redeem some $700 million in 7 percent unsecured notes due in 2028 and be used for general corporate purposes, including repurchases of the company’s equity.
The notes are available only to ‘persons reasonably believed to be qualified institutional buyers’, according to the rules of the US Securities Act.
Due to more cautious purchasing behavior, Light & Wonder saw a slight drop in revenue in the second quarter, breaking a 16-quarter streak of yearly increases.
However, it still saw consolidated revenue of $809 million during 2Q25, while AEBITDA rose by 7 percent yearly, completing 14 consecutive quarters of growth, to $352 million during the period. Profit for 2Q25 also rose by 4 percent year-on-year, to $135 million.
