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Wynn Resorts to repay term loan borrowings with stock sale
New York, March 22 – Wynn Resorts, Ltd. plans to repay amounts to be borrowed under a 364-day term loan with Deutsche Bank using proceeds from the sale of 5.3 million shares at $175 per share, according to a news release.
The term loan, available under commitment letters entered into on March 9, is for up to $800 million.
As previously reported, the company planned to use borrowings on the facility together with cash on hand to repay a promissory note previously issued to Aruze USA, Inc.
Wynn earlier said it had reached an agreement with Aruze and Universal Entertainment to settle litigation over the redemption of Aruze’s equity stake in Wynn.
Under the settlement, Wynn Resorts will pay on March 31 the $1,936,442,631.36 principal amount of the redemption note previously issued to Aruze and an additional amount of $463,557,368.64 to settle allegations surrounding the interest rate on the redemption note.
The shares announced Thursday will be sold to Galaxy Entertainment Group in a public registered offering.
Deutsche Bank is bookrunner for the stock sale.
Wynn Resorts also announced that on March 21 Wynn Family LP, an entity affiliated with Stephen A. Wynn, sold 4,104,999 shares of common stock at a price of $180 per share in open market transactions under Rule 144.
Wynn Family LP together with Stephen Wynn then on Thursday entered into agreements to sell 8.0 million shares in privately negotiated transactions, representing all his remaining holdings of the company’s stock.
Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp. previously amended their 4¼% senior notes due 2023 to conform the definition of “change of control” relating to ownership of equity interests in the company to the terms of the indentures governing the Wynn Las Vegas’ other outstanding notes.
Wynn Resorts is a Las Vegas-based casino company.
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