Company: LAWIL
Filing Date: 2025-09-24
Form Type: 8-K
Source: 0001104659-25-092953
Chunk: 1

Company: Light & Wonder, Inc.
Filing Date: 2025-09-24
Form: 8-K
Item: Item 1.01
Chunk 1
---
) require that holder dispose of all or a portion of those Notes or (ii) redeem the Notes of that holder at a redemption price
calculated as set forth in the Indenture. If the Company or LNWI experiences specific kinds of changes in control or the Company or any
of its restricted subsidiaries sells certain of its assets, then LNWI must offer to repurchase the Notes on the terms set forth in the
Indenture.

The 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 Notes. The 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 guarantees of the Notes are the guarantors’
senior obligations, rank equally with all of their existing and future senior debt, and rank senior to all of their existing and future
debt that is expressly subordinated to the guarantees of the Notes. The Notes are structurally subordinated to all of the liabilities
of the Company’s non-guarantor subsidiaries.

The Indenture contains certain covenants that,
among other things, limit the Company’s ability, and the ability of certain of its subsidiaries, to incur additional indebtedness,
pay dividends or make distributions or certain other restricted payments, purchase or redeem capital stock, make investments or extend
credit, engage in certain transactions with affiliates, consummate certain assets sales, effect a consolidation or merger, or sell, transfer,
lease or otherwise dispose of all or substantially all of its assets, or create certain liens and other encumbrances on its assets.

The Indenture contains events of default customary
for agreements of its type (with customary grace periods, as applicable) and provides that, upon the occurrence of an event of default
arising from certain events of bankruptcy or insolvency with respect to the Company or LNWI, all outstanding Notes will become due and
payable immediately without further action or notice. If any other type of event of default occurs and is continuing, then the trustee
or the holders of at least 30% in principal amount of the outstanding Notes may declare all of the Notes issued under the Indenture to
be due and payable immediately.

The net proceeds of the Notes offering will be
used to (i) repay all outstanding borrowings under LNWI’s revolving credit