Light & Wonder launches $2.2 billion term loan at SOFR plus 275 bps

By Sara Rosenberg

New York, Jan. 4 – Light & Wonder Inc. was scheduled to hold a lender call at 2 p.m. ET on Thursday to launch a $2.2 billion term loan B due 2029 that is talked at SOFR plus 275 basis points with no CSA, a 0.5% floor and an original issue discount of 99.75 to par, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

JPMorgan Chase Bank is the lead bank on the deal.

Commitments are due at 5 p.m. ET on Wednesday, the source added.

Proceeds will be used to reprice an existing term loan B down from SOFR+CSA plus 300 bps with a 0.5% floor. CSA on the existing loan is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

Light & Wonder is a Las Vegas-based cross-platform games and entertainment company.

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