Key points
- Provides for new revolving commitments of $1,000,000,000, replacing the existing $750,000,000 revolving commitments
- Extends the maturity of the revolving commitments to February 10, 2030
- Reduces the applicable margin for the revolving loans
Full summary
Light and Wonder International, Inc., a wholly owned subsidiary of Light & Wonder, Inc., has entered into Amendment No. 3 to its existing Credit Agreement. The amendment, among other things, (i) provides for new revolving commitments in an amount of $1,000,000,000, which replace the existing revolving commitments of $750,000,000, (ii) extends the maturity of the revolving commitments to the earlier of February 10, 2030 or 91 days prior to the maturity of the company's existing term loans and notes, subject to certain conditions, and (iii) reduces the applicable margin for the revolving loans bearing interest at a term benchmark rate to between 2.00% and 1.50% per annum, and for loans bearing interest at ABR to between 1.00% and 0.50% per annum, based upon certain leverage tests. The amendment also includes the addition of $250,000,000 in supplemental revolving commitments from new and existing lenders.