Wynn Las Vegas tenders, seeks consents for $500 million 7 7/8% notes

By Susanna Moon

Chicago, May 15 - Wynn Resorts, Ltd. said indirect wholly owned subsidiary Wynn Las Vegas, LLC began a cash tender offer for its $500 million principal amount of 7 7/8% first mortgage notes due 2017.

The company also is soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants as well as various events of default and other provisions, according to a press release.

The total purchase price is $1,071.45 for each $1,000 principal amount of notes.

The tender offer and consent solicitation will end at midnight ET on May 21.

Holders may not tender their notes without delivering consents or deliver consents without tendering their notes.

Tendered notes may not be withdrawn, and the related consents may not be revoked.

The tender offer is conditioned on completion of a senior notes offering by Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp.

D.F. King & Co., Inc. (800 659-6590 or banks and brokers, 212 269-5550) is the tender and information agent. Deutsche Bank Securities Inc. (855 287-1922 or collect 212 250-7527) is the dealer manager and solicitation agent.

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

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