Casino operator and developer Wynn Resorts Ltd has announced the pricing for a private offering of US$1.8-billion worth of senior notes. The notes bear interest of 5.5 percent and become due in 2025.
Net proceeds from the offering – by Wynn Resorts units Wynn Las Vegas LLC and Wynn Las Vegas Capital Corp – will be used by Wynn Las Vegas LLC to purchase any of the issuers’ outstanding 7.75 percent notes in the principal amount of approximately US$1.23 billion that are due in 2020; and any outstanding 7.875 percent notes in the principal amount of US$377.01 million due in 2020.
Any remaining net proceeds from the offering will be used to redeem any 7.75 percent notes and 7.875 percent notes not tendered. Any residual proceeds after that will be used for general corporate purposes, the parent company said in a filing on Wednesday to Nasdaq.
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Amount that each Macau casino operator paid for the circa six-month extension of their respective contract