Wynn Macau Ltd has priced an additional notes offering announced earlier this week at US$750 million of 5.625% senior notes due 2028, with its latest round of fundraising due for completion by 22 December 2020.
In a Wednesday morning filing, the company said it expects to raise US$765.9 million from the additional notes, which includes a 3% premium on the principal amount after deducting discounts of the initial purchasers and expenses.
It also revealed that the notes would be consolidated with US$600 million 5.625% senior notes due 2028 issued on 26 August 2020, which included a US$250 million add-on to existing notes due 2026. This latest offering takes the total amount of new notes issued by Wynn Macau Ltd in 2020 to US$2.35 billion including an initial offering in May.
The company stated earlier this week that the offering, “would be of significant benefit to the company in effecting the proposed issuance and using the net proceeds for the intended purpose as it would extend the maturity profile of the Group’s indebtedness and reduce the Group’s secured indebtedness.”
Wynn Macau Ltd also revealed this week that its Macau properties, Wynn Macau and Wynn Palace, have returned to profitability during Q4, with estimated Adjusted EBITDA of between US$13 million and US$15 million through October and November. GGR, it said, was now back to 31% of 2019 levels with turnover up to 47%.
