Published on 3/13/2014 in the Prospect News High Yield Daily.
New Issue: Wynn Macau prices upsized $750 million tap of 5¼% senior notes due 2021 at 100.75
By Paul A. Harris
Portland, Ore., March 13 - Wynn Macau Ltd. priced a massively upsized $750 million add-on to its 5¼% senior notes due Oct. 15, 2021 (existing ratings Ba2/BB/BB) at 100.75 to yield 5.093% on Thursday, according to a syndicate source.
The deal was upsized from $400 million.
The price came on top of price talk.
BofA Merrill Lynch, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and UBS Investment Bank were the global coordinators. BOCI Securities Ltd., BNP Paribas, Industrial and Commercial Bank of China Ltd. and Morgan Stanley & Co. were the joint bookrunners.
The issuer is a Macau-based gaming firm.
Issuer: | Wynn Macau, Ltd.
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Amount: | $750 million, increased from $400 million
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Maturity: | Oct. 15, 2021
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Security description: | Add-on to 5¼% senior notes due Oct. 15, 2021
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Global coordinators: | BofA Merrill Lynch, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, UBS Investment Bank
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Bookrunners: | BOCI Securities Ltd., BNP Paribas, Industrial and Commercial Bank of China Ltd., Morgan Stanley & Co.
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Coupon: | 5¼%
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Price: | 100.75
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Yield to worst: | 5.093%
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Price talk: | 100.75 area
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First call: | Oct. 15, 2016 at 103.938
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Trade date: | March 13
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Settlement date: | March 20 with accrued interest
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Existing ratings: | Moody's: Ba2
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| Standard & Poor's: BB
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| Fitch: BB
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Distribution: | Rule 144A and Regulation S for life
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Marketing: | Quick to market
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Original issue: | $600 million priced at par on Oct. 10, 2013
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Total issue size: | $1.35 billion
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