Wynn Macau Ltd has announced the closure of its senior notes offering to institutional investors, which it says will see the company around US$843.5 million better off as it looks to emerge from the COVID-19 pandemic.
The offering, announced last week, included US$600 million 5.625% senior notes due 2028 and US$250 million 5.500% senior notes due 2026, which have been consolidated with US$750 million senior notes due 2026 issued in June to form a single series.
The proceeds will be used to repay the company’s HK$17.88 billion (US$2.3 billion) senior term loan facility and HK$5.82 billion (US$750 million) senior revolving credit facilities extended in 2015 and 2018 respectively.
Wynn Macau recently announced a 98.2% decrease in operating revenues at its Macau integrated resorts – Wynn Palace and Wynn Macau – to just US$20.6 million in the three months to 30 June 2020 due to the impact of COVID-19 on visitation.
The results included a combined Adjusted EBITDA loss of US$193.5 million and, remarkably, a loss on casino play for the quarter of US$15 million.
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