Light & Wonder, Inc. Announces Pricing of $1 Billion of Senior Unsecured Notes (Form 8-K)

Light & Wonder, Inc. Announces Pricing of $1 Billion of Senior Unsecured Notes

LAS VEGAS, September 10, 2025 - Light & Wonder, Inc. (NASDAQ and ASX: LNW) ("Light & Wonder" or the "Company") today announced that its wholly owned subsidiary, Light and Wonder International, Inc. ("LNWI"), has priced $1 billion in aggregate principal amount of 6.250% senior unsecured notes due 2033 (the "Notes"), at an issue price of 100.000%, in a previously announced private offering.

LNWI intends to use the net proceeds of this offering (i) to repay all outstanding borrowings under its revolving credit facility, (ii) to redeem all $700.0 million of LNWI's outstanding aggregate principal amount of its 7.000% senior unsecured notes due 2028 (the "2028 Notes"), including related fees and expenses, and (iii) to use any remaining net proceeds for general corporate purposes, which may include repurchases of the Company's equity.

The Notes will be guaranteed on a senior basis by Light & Wonder and certain of its subsidiaries, and the Notes will not be secured.

The offering is currently expected to close on September 24, 2025, subject to customary conditions.

The Notes will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. The Notes will be offered only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A and to non-U.S. Persons under Regulation S under the Securities Act.