• Subsidiary to offer $1B in senior unsecured notes due 2033
• Proceeds to repay revolving credit facility and redeem 2028 notes
• Notes to be guaranteed by Light & Wonder and subsidiaries

Light & Wonder, Inc. (NASDAQ and ASX: LNW) announced that its wholly owned subsidiary, Light and Wonder International, Inc. ('LNWI'), intends to offer $1 billion in aggregate principal amount of senior unsecured notes due 2033 (the 'Notes') in a private offering. LNWI plans 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 Notes will not be registered under the Securities Act of 1933, as amended, and will be offered only to qualified institutional buyers and certain non-U.S. persons.