Wynn Las Vegas amends loan, permitting the issuance of senior unsecured debt

By Sara Rosenberg

New York, April 13 - Wynn Las Vegas LLC amended its credit facility, allowing for the issuance of up to $500 million of senior unsecured debt, according to an 8-K filed with the Securities and Exchange Commission Friday.

In addition, the amendment increases the maximum permissible expenditures for payment of Encore project costs to $500 million from $300 million prior to the execution of a guaranteed maximum price contract for Encore.

The amendment also declares construction of phase I of the Wynn Las Vegas resort completed and releases all amounts in excess of $30 million from the completion guaranty deposit account and all funds in the project liquidity reserve account.

The amendment was completed on April 9.

Deutsche Bank is the administrative agent on the deal.

Wynn is a Las Vegas-based casino company.

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