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Light & Wonder cuts spread on $2.2 billion loan to SOFR plus 300 bps
By Sara Rosenberg
New York, April 7 – Light & Wonder Inc. (Scientific Games Corp.) lowered pricing on its $2.2 billion seven-year term loan (Ba3/BB/BBB-) to SOFR+CSA plus 300 basis points from SOFR+CSA plus 325 bps, according to a market source.
Also, the original issue discount on the term loan was changed to 99.25 from talk in the range of 98.5 to 99, the source said.
The term loan still has a 0.5% floor, CSA of 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, and 101 soft call protection for six months.
JPMorgan Chase Bank is the lead bank on the deal.
Recommitments were scheduled to be due at 1 p.m. ET on Thursday, the source added.
Proceeds will be used to refinance existing debt.
Light & Wonder is a Las Vegas-based cross-platform games and entertainment company.
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