Company: LAWIL
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000750004-25-000072
Chunk: 99

Company: Light & Wonder, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 99
---
 each year, beginning on April 1, 2026. We may redeem all or any portion of the 2033 Unsecured Notes at any time prior to October 1, 2028, at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest, if any, to the date of the redemption plus a “make whole” premium. We may redeem some or all of the 2033 Unsecured Notes at any time on or after October 1, 2028, at the prices specified in the indenture governing the 2033 Unsecured Notes.The 2033 Unsecured Notes are senior obligations of LNWI, rank equally with all of its existing and future senior debt and rank senior to all of its existing and future debt that is expressly subordinated to the 2033 Unsecured Notes. The 2033 Unsecured Notes are guaranteed on a senior unsecured basis by the Company and all of its wholly owned domestic restricted subsidiaries (other than LNWI and certain immaterial subsidiaries), subject to customary exceptions. The net proceeds of the 2033 Unsecured Notes offering were used to redeem all $700 million of the 2028 Unsecured Notes, pay accrued and unpaid interest thereon plus related fees and expenses and pay all outstanding borrowings under the LNWI Revolver, with any remaining proceeds used for general corporate purposes, which may include repurchases of the Company’s equity. In connection with these transactions, we capitalized $15 million in financing costs presented as a reduction to long-term debt associated with the 2033 Unsecured Notes and recorded a loss on debt extinguishment of $4 million resulting from unamortized deferred financing costs associated with the 2028 Unsecured Notes.We were in compliance with the financial covenants under all debt agreements as of September 30, 2025 (for information regarding our financial covenants of all debt agreements, see above and Note 14 in our 2024 10-K).For additional information regarding the terms of our credit facilities and Senior Notes, see Note 14 in our 2024 10-K.

(11) Fair Value Measurements

The fair value of our financial assets and liabilities is determined by reference to market data and other valuation techniques as appropriate. We believe the fair value of our financial instruments, which are principally cash and cash equivalents, restricted cash, receivables, other current assets, accounts payable and accrued liabilities, approximates their recorded values. Our assets and liabilities measured at fair value on a recurring basis