Light and Wonder driving by with $550 million eight-year notes; price talk 7½% to 7¾%

By Paul A. Harris

Portland, Ore., Aug. 9 – Light and Wonder International, Inc. expects to price a $550 million offering of senior notes due 2031 (B3/BB/BB) in a Wednesday drive-by, according to market sources.

Price talk is 7½% to 7¾%, tight to initial guidance of 7¾% to 8%.

The Rule 144A and Regulation S eight-year notes are subject to their first call after three years at par plus 50% of the coupon.

J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, BofA Securities, Inc., Deutsche Bank Securities Inc., BNP Paribas Securities Corp., Fifth Third Securities Inc., RBC Capital Markets Corp., Barclays, Truist Securities, Inc., Citizens Capital Markets Inc. and Macquarie are the joint bookrunners.

The Las Vegas-based company plans to use the proceeds to pay off its $550 million of outstanding 8 5/8% senior notes due 2025.

Light and Wonder International, formerly Scientific Games Corp., provides gambling products, technologies and services.

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