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Light & Wonder sets $2.17 billion term loan issue price at par
By Sara Rosenberg
New York, Jan. 11 – Light & Wonder Inc. firmed the issue price on its $2.167 billion first-lien term loan B due 2029 at par, the tight end of the 99.75 to par talk, according to a market source.
The term loan remained priced at SOFR plus 275 basis points with no CSA and a 0.5% floor.
The term loan has 101 soft call protection for six months.
JPMorgan Chase Bank is the lead bank on the deal.
Proceeds will be used to reprice an existing term loan B down from SOFR+CSA plus 300 bps with a 0.5% floor. CSA on the existing loan is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.
Light & Wonder is a Las Vegas-based cross-platform games and entertainment company.
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