Wynn lifts term loan B to $500 million, flexes to Libor plus 225 bps

By Sara Rosenberg

New York, Oct. 19 – Wynn Resorts Ltd. upsized its six-year covenant-light term loan B to $500 million from $400 million and trimmed pricing to Libor plus 225 basis points from Libor plus 250 bps, according to a market source.

Furthermore, the original issue discount on the term loan B was tightened to 99.75 from 99.5, the source said.

The term loan still has a 0% Libor floor and 101 soft call protection for six months.

Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Fifth Third, J.P. Morgan Securities LLC, SunTrust Robinson Humphrey Inc. and Goldman Sachs Bank USA are the bookrunners on the deal. BNP Paribas Securities Corp., Credit Agricole, Bank of Nova Scotia and SMBC are co-managers.

Commitments are due at 1 p.m. ET on Monday, the source added.

Proceeds will be used for general corporate purposes.

Wynn Resorts is a Las Vegas-based developer, owner and operator of destination casino resorts.

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