Wynn Las Vegas to repay bank debt with proceeds of $500 million notes

New York, Oct. 9 - Wynn Las Vegas, LLC plans to repay bank debt with proceeds from an offering of $500 million of first mortgage notes priced Friday.

Funds will be used to repay outstanding borrowings under Wynn's revolving credit facility and term loan.

Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp. priced an upsized $500 million issue of 7 7/8% eight-year first mortgage notes (Ba2/BB+) at 97.823 to yield 8¼% on Friday.

Wynn is a Las Vegas-based casino company.

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