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Light & Wonder, Inc. (NASDAQ:LNW), a leader in integrated systems design, has entered into a significant amendment to its existing credit agreement, which now provides the company with a $1 billion revolving credit facility. This adjustment, effective today, replaces the previous $750 million credit line, enhancing the company’s financial flexibility.
The amendment, known as Amendment No. 3, to the Credit Agreement originally dated April 14, 2022, involves several key changes. Notably, it extends the maturity of the revolving commitments to February 10, 2030, subject to certain conditions related to the company’s other debt obligations. With a current ratio of 1.88 and total debt of $3.9 billion, the company maintains a healthy financial position. Additionally, it adjusts the applicable interest rate margins for the revolving loans, which are now set between 2.00% and 1.50% for loans bearing interest at a term benchmark rate, and between 1.00% and 0.50% for loans bearing interest at ABR (as defined in the Credit Agreement).
This strategic move by Light & Wonder, Inc. is expected to provide the company with increased liquidity and a more robust financial structure to support its ongoing and future operations. The credit facility’s terms were facilitated by JPMorgan Chase (NYSE:JPM) Bank, N.A., serving as the administrative agent, collateral agent, issuing lender, and swingline lender.
The detailed terms of Amendment No. 3, which offer insights into the company’s financial strategies, can be found in the full text of the amendment attached to the company’s SEC filing. This filing underscores Light & Wonder’s commitment to maintaining a solid financial foundation as it continues to navigate the competitive landscape of computer-integrated systems design.
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