The company formerly known as Scientific Games Corporation has officially completed its legal name change to Light & Wonder, Inc, and will start trading on NASDAQ under the ticker symbol “LNW” from Friday 29 April 2022.
Reiterating comments made when the name change was first announced in early March, Light & Wonder said the branding “reflects the company’s strategic vision to become the leading cross-platform global game company focused on creating and launching great games fully cross-platform, leveraging our leading platforms and solutions to enable a seamless player experience.
“Through a deliberate cross-platform approach, Light & Wonder delivers a leading portfolio of iconic games and franchises across online and mobile and in both real money and free-to-play social gaming markets as well as in land-based casinos.”
The name change follows the sale of the company’s sports betting and lottery businesses, with lottery taking the Scientific Games name with it.
Those sales have helped Light & Wonder pay down a significant chunk of its debt, having earlier this month retired an existing US$4 billion term loan and redeemed US$3 billion in secured and unsecured notes, while securing a new US$2.2 billion term loan facility and entering into a new US$750 million revolving credit facility.
In total, outstanding debt has been reduced from US$8.8 billion to US$4.0 billion and the company’s net debt leverage ratio from 6.2x to below 3.9x, reducing annual interest payments by US$225 million.
The post Light & Wonder completes legal name and ticker symbol changes appeared first on IAG.
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