Feb 09, 2024 Newsdesk Industry Talk, Latest News  
U.S.-based casino operator Wynn Resorts Ltd announced on Thursday that its indirect wholly-owned subsidiary Wynn Resorts Finance LLC and a separate related entity are offering an additional US$400 million aggregate principal amount of 7.125 percent senior notes due 2031. The operation is taking place via a private offering.
“The initial purchasers of the notes will offer the notes for resale initially at a price equal to 103.000 percent of the principal amount thereof, with an initial yield of 6.570 percent, plus accrued interest from February 15, 2024,” stated the group.
The fresh notes will be will constitute the same series of securities as the US$600 million 7.125-percent senior notes due 2031, issued in February 2023, said the firm.
Wynn Resorts runs casino complexes in Las Vegas, Nevada, and in Boston, Massachusetts, in the United States. It is also the parent of casino operator Wynn Macau Ltd.
Net proceeds from the proposed US$400million add-on notes, together with cash on hand, will be used to partially refinance Wynn Las Vegas LLC’s 5.500-percent senior unsecured notes due 2025, said the parent company.
Wynn Las Vegas will repurchase up to US$800 million of Wynn Las Vegas and Wynn Las Vegas Capital Corp’s outstanding US$1.4 billion notes.
If any proceeds remain after the tender offer, Wynn Las Vegas may use the remaining funds, from time to time, to purchase additional 2025 notes “in the open market, in privately negotiated transactions, through tender offers”.
Moody’s Investors Service Inc said in a Thursday note that Wynn group’s US$400 million add-on notes “will have no impact on the company’s existing ratings,” including the ‘B1’ corporate family rating.
“Moody’s views the transaction as leverage neutral, while extending the debt maturity profile of the company and continuing to reduce debt at the Wynn Las Vegas level,” it added.
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