Wynn Resorts has announced a private offering of US$750 million Senior Notes due 2029 by two of its wholly-owned subsidiaries, Wynn Resorts Finance LLC and Wynn Resorts Capital Corp, as part of a larger plan aimed at refinancing the existing credit facilities of Wynn Resorts and Wynn America, LLC.
The plan will see Wynn Resorts Finance, formerly known as Wynn America, also enter into a new first lien term loan A facility in an aggregate principal amount of up to US$1 billion and a new revolving first lien credit facility in an aggregate principal amount of up to US$850 million under which the company will undergo an internal restructure.
Once complete, the restructure will see Wynn Resorts Finance hold all of Wynn Resorts’ ownership interests in Wynn Las Vegas, LLC, which owns and operates Wynn Las Vegas, in Wynn Group Asia which holds its 72% stake in Wynn Macau, and in Wynn MA LLC which owns and operates the recently opened Encore Boston Harbor.
In its announcement Wynn Resorts said the Notes will be guaranteed by all of Wynn Resorts Finance’s other domestic subsidiaries that guarantee Wynn Resorts Finance’s new Senior Secured Credit Facilities, and each of its subsidiaries that guarantees the existing senior notes issued by Wynn Las Vegas.
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