Scientific Games Corporation, doing business as Light & Wonder retired its existing $4.0 billion term loan and redeemed $3.0 billion of its secured and unsecured notes using proceeds from the divestiture of the Lottery Business and a new $2.2 billion term loan facility. In conjunction with the new term loan, the Company also entered into a new $750 million revolving credit facility. The new first lien term loan facility has a principal balance of $2.2 billion maturing in 2029.

Loans under the new first lien term loan facility will, at the Company's option, initially bear interest at either Adjusted Term SOFR Rate, plus 3.00% or a base rate plus 2.00%. The company also successfully obtained commitments for a $750.0 million asset-based revolving credit facility maturing in 2027. The new revolving credit facility replaced the Company's existing $650.0 million revolving credit facility maturing in 2024.

Loans under the new revolving facility will, at the Company's option, initially bear interest at either Adjusted Term SOFR Rate (or an alternative benchmark rate for non-US dollar borrowings), plus 2.00% or ABR plus 1.00%. With the addition of the new term loan facility, the company's weighted average life of debt increased to approximately 6.4 years. The new credit facility is secured by substantially all assets of the Company and any of its existing or future material domestic subsidiaries, subject to customary exceptions.

The proceeds of the new term loan facility, along with a portion of the $5.0 billion of net after-tax cash proceeds of the sale of the Company's Lottery Business, were used to prepay in full and terminate all commitments under the Company's existing $4.0 billion term loan facility maturing in 2024; to redeem in full its 5.000% Senior Secured Notes due 2025, 3.375% Senior Secured Euro Notes due 2026, 5.500% Senior Unsecured Euro Notes due 2026, and 8.250% Senior Unsecured Notes due 2026; and to pay accrued and unpaid interest thereon plus any related premiums, fees and expenses. Total principal amount of debt retired or refinanced was $7.0 billion.