Feb 17, 2023 Newsdesk Industry Talk, Latest News  
U.S.-based casino operator Wynn Resorts Ltd said on Thursday it received valid tenders of approximately US$506.4 million as part of a cash tender offer for any and all of its outstanding 7.750-percent senior notes due 2025, in the aggregate amount of US$600 million.
The exercise was conducted by the group’s indirect wholly-owned subsidiary Wynn Resorts Finance LLC. The parent firm said the tendering holders received a consideration of US$1,024.50 for each US$1,000 principal amount of 2025 notes tendered, plus accrued and unpaid interest
On the same day, Wynn Resorts confirmed that Wynn Resorts Finance and a separate related entity issued fresh 7.125-percent senior notes due 2031, in the aggregate principal amount of US$600 million. The operation took place via a private offering, with the net proceeds, together with cash on hand, used to finance the offer for the group’s 2025 notes.
The freshly-issued notes will mature on February 15, 2031. Interest is payable in cash semi-annually on February 15 and August 15 of each year, beginning on August 15, 2023, stated the company.
Wynn Resorts is the parent of Wynn Macau Ltd. Wynn Macau Ltd runs the Wynn Macau gaming resort (pictured) on the city’s peninsula, and Wynn Palace in the Cotai district.
When the debt-refinancing exercise was announced last week, ratings agency Moody’s Investors Service said the deal was “modest credit positive” for the Wynn group, “pushing out a portion” of its 2025 maturities and “improving financial flexibility”.
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”The hotel towers, convention hall, and arena are the cornerstones in Phase 1. The resort is mainly aimed at Koreans first”
Chen Si
President of the Mohegan Inspire Entertainment Resort in South Korea