Wynn Macau Ltd said Monday that it has reached an agreement with lenders that will see the maturity date of a US$1.5 billion facility extended by three years until September 2028.
The original facility agreement was first inked in mid-September 2021 – at the heart of Macau’s COVID-19 shutdown – which Wynn said at the time would be issued in two separate tranches and with the option of increasing the facility by an additional US$1 billion. It also described the main purpose of the facility as being to pay down existing debt.
The syndicate of lenders had later agreed to waive certain covenants related to the facility given Macau remained in isolation and with its borders closed at that time.
According to this latest amendment, the initial maturity date of 16 September 2025 has now been extended until 16 September 2028, with Wynn Macau to pay some extension fees and expenses as a result.
The terms and conditions of the Amended Facility Agreement are “substantially the same” as the existing facility agreement, Wynn added.
The company recently reported an 11.3% quarter-on-quarter decline in operating revenues to US$885.3 million in the three months to 30 June 2024, primarily due to low hold mass hold at peninsula property Wynn Macau.
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