Wynn Macau Ltd has announced a proposed issuance of senior notes, with the proceeds to be used to repurchase and redeem in full its 2021 notes.
In a filing to the Hong Kong Stock Exchange on Monday, Wynn said the pricing of the senior notes would be determined at a later date through a book building exercise to be conducted by the sole global coordinator – Deutsche Bank AG Singapore Branch – in conjunction with the joint bookrunners.
Redemption of the 2021 notes comes after Wynn Macau issued 5.25% senior notes due 2021 in October 2013 in the aggregate principal amount of US$600 million, followed by 5.25% senior notes due 2021 in March 2014 in the aggregate principal amount of US$750 million. The aggregate outstanding principal amount of the 2021 notes currently stands at US$1.35 billion.
The company said the purpose of the tender offer is to acquire all of the outstanding 2021 notes prior to maturity, with the tender offer set to expire at 17:00 New York time on Tuesday 19 September.
“Subject to the terms and conditions in the Offer to Purchase, the amount payable per principal amount of the notes validly tendered and not subsequently validly withdrawn at or prior to the expiration time will be US$1,028.75 for each US$1,000 in principal amount of the notes,” Wynn announced.
“In addition, holders whose 2021 notes are accepted for purchase pursuant to the tender offer will also receive accrued and unpaid interest on such notes from and including the immediately preceding interest payment date for such notes up to, but excluding, the settlement date.”
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