Moody’s gives Light &Wonder notes B3

Moody's Investors Service said it assigned a B3 rating to Light & Wonder International, Inc.'s planned $550 million of senior unsecured notes due 2031.

The company's B1 corporate family rating and B1-PD probability of default rating remain unchanged. The company's $750 million senior secured first-lien revolver and $2.2 billion first-lien term loan B are unchanged at Ba3. Finally, the issuer’s 7% senior unsecured notes due 2028, 7¼% senior unsecured notes due 2029, and 8 5/8% senior unsecured notes due 2025 remain unchanged at B3. The company's speculative grade liquidity rating remains SGL-1 and the outlook remains positive, the agency said.

The proceeds and cash on hand will be used to refinance the company's 8 5/8% senior unsecured notes due 2025 and pay related fees and expenses.

“Moody's expects to subsequently withdraw the B3 rating on the 8.625% senior unsecured notes once fully redeemed. The proposed refinancing is a modest credit positive, improving the company's maturity profile in a leverage-neutral transaction and reducing total interest expense,” the agency said in a statement.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.