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Wynn launches US$400 million notes offering as cover for US$800 million tender to repurchase notes due 2025

Newsdesk by Newsdesk
Sun 11 Feb 2024 at 22:23
Macau Gaming Law series part 13: Provisions regarding other jurisdictions can cause legal conflict

Wynn Las Vegas

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US casino giant Wynn Resorts Ltd has announced a private add-on offering of Wynn Resorts Finance 7.125% Senior Notes due 2031, to be used to partially pay for a simultaneous buyback of US$800 million in notes due 2025.

According to details released across a series of filings, the add-on offering by Wynn subsidiaries Wynn Resorts Finance LLC and Wynn Resorts Capital Corp will constitute the same series of securities as the US$600 million 7.125% Senior Notes due 2031 issued on 16 February 2023 and will be treated as a single series with identical terms.

The company stated that the net proceeds from the offering will be put toward the repurchase of up to US$800 million of its noted due 2025, and to pay related fees and expenses.

In a separate filing, Wynn confirmed it was launching a tender offer to purchase up to US$800 million of those notes, adding that there are currently US$1.4 billion notes due 2025 outstanding, prior to the tender offer. The offer is due to expire on 8 March 2024.

However, Wynn said it may use any remaining proceeds from the add-on offering, other borrowings, or proceeds from the issuance of additional notes to purchase additional notes due 2025 from time to time on the open market by way of privately negotiated transactions or other means.

Wynn last week reported net income of US$729.2 million and Adjusted Property EBITDAR of US$630.4 million for the three months to 31 December 2023, boosted by the recovery of its Macau operations.

However, it is also facing some considerable capex spending over the next few years related to commitments under its 10-year Macau gaming concession and the development of an integrated resort in the United Arab Emirates.

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The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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