Wynn Resorts’ tender offer for 5˝% notes tallies $680.99 million

Chicago, March 8 – Wynn Resorts Ltd. announced the final results of indirect wholly owned subsidiary Wynn Resorts Las Vegas, LLC’s cash tender offer for up to $800 million principal amount of its outstanding $1,400,001,000 5˝% senior notes due 2025 (Cusips: 983130AV7, U98347AK0) jointly issued with Wynn Resorts Las Vegas Capital Corp.

The offer expired at 5 p.m. ET on March 8.

The final tally was $680,986,000, higher than $677,975,000 announced at the early deadline on Feb. 22.

All of the notes are being accepted for purchase.

As announced on Feb. 8, Wynn Resorts Las Vegas was offering to purchase the notes for a total consideration of $1,002.17 for each $1,000 principal amount, which included an early tender premium of $30, according to a press release.

Early settlement was expected to be Feb. 23. Final settlement is expected to occur on March 11.

The company announced that Wynn is also redeeming $119,015,000 of the notes on March 27.

Completion of the tender offer was subject to completion of a new debt financing. The company priced a $400 million add-on to the Wynn Resorts Finance, LLC/Wynn Resorts Capital Corp. 7 1/8% senior bullet notes due Feb. 15, 2031 at 103 to yield 6.57% on Feb. 8, according to a market source.

Deutsche Bank Securities Inc. (855 287-1922 or 212 250-7527) and Scotia Capital (USA) Inc. (833 498-1660) are the dealer managers for the tender offer.

The tender and information agent is D.F. King & Co., Inc. (wynn@dfking.com, 866 796-344 or 212 269-5550).

The hotel and casino company is based in Las Vegas.

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