By Paul A. Harris
St. Louis, Nov. 1 - Wynn Las Vegas LLC priced a split-rated $400 million add-on to its 6 5/8% first-mortgage notes due Dec. 1, 2014 (Ba2/BBB-) at 97.25 on Thursday, resulting in a 7.126% yield, according to an informed source.
The add-on notes, which were sold in a quick-to-market offering made from the high-yield desk, priced at the cheap end of the 97.25 to 97.50 price talk.
Deutsche Bank Securities was the left bookrunner. Banc of America Securities LLC was the joint bookrunner.
Proceeds will be used to fund capital expenditures at the Encore development.
The original $1.3 billion issue priced at par on Nov. 22, 2004.
The issuer is a Las Vegas-based entertainment, gaming and lodging company.
| Issuer: | Wynn Las Vegas LLC
|
| Amount: | $400 million
|
| Maturity: | Dec. 1, 2014
|
| Security description: | Add-on to first-mortgage notes
|
| Left bookrunner: | Deutsche Bank Securities
|
| Joint bookrunner: | Banc of America Securities LLC
|
| Coupon: | 6 5/8%
|
| Price: | 97.25
|
| Yield: | 7.126%
|
| Spread: | 296 bps
|
| Call features: | Callable after Dec. 1, 2009 at 103.313, 102.209, 101.104, par on and after Dec. 1, 2012
|
| Equity clawback: | Until Dec. 1, 2007 for 35% at 106.625
|
| Trade date: | Nov. 1
|
| Settlement date: | Nov. 6, with accrued interest
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BBB-
|
| Price talk: | 97.25 to 97.50
|
| Original issue: | $1.3 billion priced at par on Nov. 22, 2004
|
| Total issue size: | $1.7 billion
|
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