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Light & Wonder revises available credit under revolving facility upwards to US$1 billion

Newsdesk by Newsdesk
Wed 12 Feb 2025 at 05:40
Fitch: Light & Wonder to meet reduced EBITDA leverage target by 2024
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Light & Wonder International Inc, a wholly-owned subsidiary of global gaming supplier Light & Wonder, said Tuesday it has entered into an amendment to its 2022 Credit Agreement that raises the total amount accessible under its revolving credit facility by US$250 million to US$1 billion.

The Credit Agreement, which was amended twice last year, previously provided for up to US$750 million.

According to information provided in an SEC filing, the latest amendment also extends the maturity of the revolving commitments to the earlier of 10 February 2030 and “such earlier date that is 91 days prior to the maturity of our existing term loans (scheduled to mature on April 14, 2029) and existing notes (the earliest maturity of which is scheduled for May 15, 2028), solely to the extent more than US$500 million of such term loans and/or such applicable notes are outstanding on such earlier date, and subject to our having sufficient liquidity to repay such term loans and/or applicable notes at such time.”

The amendment further reduces the applicable margin for the revolving loans bearing interest at a term benchmark rate to between 2.00% and 1.50% per annum based upon certain leverage tests, the company explained.

Light & Wonder, which is due to release its 4Q24 and FY24 financial results on 25 February, previously reported outstanding debt of US$3.9 billion as of 30 September 2024.

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The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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