Wynn Resorts Ltd announced overnight that its subsidiaries Wynn Resorts Finance, LLC and Wynn Resorts Capital Corp have issued US$900 million aggregate principal amount of 6.875% Senior Notes due 2035.
The Notes will mature on 15 March 2035, with interest payable in cash semi-annually on 15 March and 15 September each year.
In a filing, Wynn said the net proceeds from the offering, together with cash on hand, will be used to redeem in full Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp’s outstanding 5.250% Senior Notes due 2027, and to pay all associated fees and expenses.
It added that the issuers may redeem the notes, in whole or in part, at any time, or from time to time, prior to 15 September 2029 at a redemption price equal to 100% of the aggregate principal amount of the notes to be redeemed, plus a “make-whole” amount and accrued and unpaid interest.
The new notes are seen as a means of alleviating any existing concerns over the company’s balance sheet or capacity to continue investing, with the company in the midst of developing its US$5.7 billion Wynn Al Marjan Island project in the UAE. It’s subsidiary, Wynn Macau Ltd, is also building a new 432-key all-suite hotel at Wynn Palace, spending up to US$950 million.
RelatedPosts
