The company formerly known as Scientific Games Corporation has officially completed its legal name change to Light & Wonder, Inc, and will start trading on the 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.