Wynn unit gets tenders of $497.5 million 5 3/8% notes, to call rest

By Wendy Van Sickle

Columbus, Ohio, May 11 – Wynn Resorts, Ltd. said indirect wholly owned subsidiary Wynn Las Vegas, LLC received tenders of about $497.5 million of its $900 million of 5 3/8% first mortgage notes due 2022 under its recent tender offer.

The figure does not include notes tendered under guaranteed delivery procedures, Wynn noted in a press release.

The offer opened on May 4 and expired at 5 p.m. ET on May 10.

The company accepted all of the tenders and paid $1,029.35 for each $1,000 principal amount plus accrued interest to the settlement date of May 11.

Notes tendered under guaranteed delivery procedures will be settled on May 15.

Tendered notes could be withdrawn before the end of the offer.

The issuers used some proceeds of a new $900 million issue of 5¼% notes due 2027 to purchase the tendered notes. They plan to use the remaining proceeds to redeem the rest of the 2022 notes.

D.F. King & Co., Inc. (800 967-0271, 212 269-5550 or dfking.com/wynn) was the tender and information agent. Deutsche Bank Securities Inc. (855 287-1922 or 212 250-7527) was the dealer manager.

Wynn Resorts is a Las Vegas-based developer, owner and operator of destination casino resorts.

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