Light & Wonder completes $1 billion senior notes offering at 6.250%

LAS VEGAS - Light & Wonder, Inc. (NASDAQ and ASX:LNW) announced Wednesday that its wholly owned subsidiary, Light and Wonder International, Inc., has completed a private offering of $1 billion in aggregate principal amount of new 6.250% senior unsecured notes due 2033.

The notes were issued at a price of 100.000% and are guaranteed on a senior basis by Light & Wonder and certain of its subsidiaries. The notes are not secured.

According to the company, the net proceeds will be used to repay all outstanding borrowings under the company’s revolving credit facility and to redeem all $700 million of its outstanding 7.000% senior unsecured notes due 2028. Any remaining proceeds will be directed toward general corporate purposes, which may include equity repurchases.

The notes have not been registered under the Securities Act of 1933 and are being offered only to qualified institutional buyers in accordance with Rule 144A and to non-U.S. Persons under Regulation S under the Securities Act.

Light & Wonder describes itself as a cross-platform global games company with three business segments and approximately 6,500 employees.

The announcement was made in a press release statement from the company.

In other recent news, Light & Wonder reported its second-quarter earnings for 2025, revealing an earnings per share (EPS) of $1.58, which exceeded analyst expectations of $1.36. However, the company experienced a revenue shortfall, posting $809 million compared to the forecasted $851.1 million. In response to the revenue miss, Benchmark adjusted its price target for Light & Wonder from $100.00 to $90.00, while maintaining a Buy rating. Meanwhile, JPMorgan downgraded Light & Wonder from Overweight to Neutral, citing concerns over the company’s ability to meet its EBITDA targets through organic growth. The revised EBITDA guidance for FY25 now includes contributions from the Grover acquisition. Additionally, Light & Wonder’s subsidiary, Light and Wonder International, priced $1 billion in senior unsecured notes due 2033. The proceeds from this offering are intended to repay outstanding borrowings and redeem existing notes, with any remaining funds potentially used for general corporate purposes. These developments highlight Light & Wonder’s strategic financial maneuvers and market challenges.

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