Company: LAWIL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0000750004-25-000048
Chunk: 134

Company: Light & Wonder, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 134
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 related risks, see “Risk Factors” under Part I, Item 1A in our 2024 10-K.

On June 11, 2024, our Board of Directors approved a share repurchase program under which the Company is authorized to repurchase, from time to time through June 12, 2027, up to an aggregate amount of $1.0 billion of shares of outstanding common stock. During the six months ended June 30, 2025, we repurchased approximately 3.1 million shares of common stock at an aggregate cost of $266 million (excluding excise tax). On July 31, 2025, our Board of Directors approved an additional aggregate amount of up to $500 million of shares of outstanding common stock as authorized to be repurchased under the share repurchase program. 

On February 10, 2025 we amended the LNWI Credit Agreement. The amendment, among other things, (i) provided for new revolving commitments under the LNWI Revolver in an amount of $1.0 billion, which replaced the existing revolving commitments (which were in an amount of $750 million), (ii) extended the maturity of the revolving commitments and (iii) reduced the applicable margin for the revolving loans by up to 50 basis points. See Note 10 for further details. 

On May 15, 2025, LNWI entered into the LNWI Credit Agreement A, pursuant to which LNWI borrowed an aggregate principal amount of $800 million in term loans under the LNWI Term Loan A facility. The proceeds of the loans were used to complete the Grover acquisition and pay fees and expenses related thereto. Loans under the LNWI Term Loan A will mature on May 15, 2028 and, beginning with the first fiscal quarter ending on September 30, 2025, will amortize in 

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quarterly installments in aggregate amounts equal to: (i) for the first four full fiscal quarters following the TLA Closing Date, 0.625% of the aggregate principal amount of the LNWI Term Loan A funded on the TLA Closing Date and (ii) for each fiscal quarter following the fourth full fiscal quarter following the TLA Closing Date, 1.25% of the aggregate principal amount of such LNWI Term Loan A funded on the TLA Closing Date, with any outstanding balance due and payable at maturity. See Note 10 for further details.

Cash Flow Summary

Six Months Ended June