New Issue: Wynn Las Vegas prices upsized $1.8 billion 5½% 10-year bullet at par

By Paul A. Harris

Portland, Ore., Feb. 11 – Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp. priced an upsized $1.8 billion issue of non-callable 10-year senior notes (Ba2/BBB-/BB) at par to yield 5½% on Wednesday, according to an informed source.

The deal was upsized from $1.75 billion.

The yield printed at the wide end of yield talk in the 5 3/8% area.

Deutsche Bank Securities Inc. was the left bookrunner. BofA Merrill Lynch, Credit Agricole CIB, Fifth Third, Scotia Capital and SunTrust Robinson Humphrey Inc. were the joint bookrunners.

The Las Vegas-based company plans to use the proceeds to fund tenders for its 7¾% and 7 7/8% notes due 2020.

Wynn Las Vegas is a wholly owned subsidiary of Wynn Resorts, Ltd., a developer, owner and operator of destination casino resorts.

Issuer:	Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp.
Amount:	$1.8 billion, increased from $1.75 billion
Maturity:	March 1, 2025
Securities:	Senior notes
Left bookrunner:	Deutsche Bank Securities Inc.
Joint bookrunners:	BofA Merrill Lynch, Credit Agricole CIB, Fifth Third, Scotia Capital, SunTrust Robinson Humphrey Inc.
Co-managers:	BOC International, BNP Paribas, Morgan Stanley & Co. LLC, SMBC Nikko, UBS Investment Bank
Coupon:	5½%
Price:	Par
Yield:	5½%
Spread:	350 bps
Call protection:	Non-callable
Change-of-control put:	101%
Trade date:	Feb. 11
Settlement date:	Feb. 18
Ratings:	Moody's: Ba2
	Standard & Poor's: BBB-
Distribution:	Rule 144A and Regulation S for life
Price talk:	5 3/8% area
Marketing:	Roadshow

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