Wynn launches tender for $1.32 billion in 6 5/8% first mortgage notes

By Devika Patel

Knoxville, Tenn., July 21 - Wynn Resorts, Ltd. said its subsidiary Wynn Las Vegas, LLC has begun a cash tender offer for all $1,317,990,000 of its 6 5/8% first mortgage notes due 2014.

The offer expires at 8 a.m. ET on Aug. 18.

In connection with the tender offer, Wynn is also soliciting consents to amend the notes' indenture.

For each $1,000 of notes tendered, holders will receive $1,004.38 in cash. Investors who tender by the consent deadline of 5 p.m. ET on Aug. 3 will also receive a $30.00 consent payment per note.

Wynn is making the offer as part of a debt refinancing. It intends to finance the offer with approximately $1.32 billion of new debt financing it plans to arrange and a capital contribution from Wynn Resorts.

Wynn intends to redeem any notes outstanding following the completion of the offer.

Deutsche Bank Securities Inc. (800 553-2826 or 212 250-4270) and J.P. Morgan Securities Inc. (800 245-8812) are the dealer managers and solicitation agents. Global Bondholder Services Corp. (866 470-3800 or 212 925-1630) is the information agent.

U.S. Bank NA is the depositary.

Wynn is a Las Vegas-based casino company.

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