Light & Wonder, Inc. (LNW), Wednesday announced that its subsidiary, Light and Wonder International, plans to issue $1 billion in senior unsecured notes due 2033 through a private offering.
The company intends to use proceeds to repay borrowings under its revolving credit facility, redeem $700 million of outstanding 7 percent senior unsecured notes due 2028, and cover related fees.
The new notes will be guaranteed on a senior basis by Light & Wonder and certain subsidiaries but will remain unsecured. They will be offered only to qualified institutional buyers.
LNW is currently trading at $88.31, up $0.33 or 0.38 percent on the Nasdaq.
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