Wynn Macau talks $750 million 5.5-year notes to yield in 5½% area; pricing on Friday

By Paul A. Harris

Portland, Ore., June 11 – Wynn Macau Ltd. plans to price a $750 million offering of senior notes due January 2026 (B1/BB-) on Friday, according to market sources.

Price talk is in the 5½% area, in line with initial guidance in the mid 5% area, a trader said.

Deutsche Bank Securities Inc. is the left lead bookrunner. BNU Macau, Bank of China Macau, Bocom, BNP Paribas, BOC International, BofA, DBS, INDCOM, JPMorgan, Scotia, SMBC and UOB are the joint bookrunners.

The Rule 144A and Regulation S 5.5-year notes come with two years of call protection.

Upon a change of control of the company and/or a ratings decline investors may put the notes at 101%.

Investors may put the notes at par upon the occurrence of certain events relating to the termination, rescission, revocation or modification of the company's gaming license.

The Macau-based owner and operator of gaming and entertainment facilities plans to use the proceeds for general corporate purposes, including repayment of a senior secured credit facility over the next 12 months and to further bolster its liquidity profile.

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