New Issue: Wynn Macau prices $600 million upsized 5¼% eight-year notes at par

By Paul A. Harris

Portland, Ore., Oct. 10 - Wynn Macau Ltd. priced an upsized $600 million issue of eight-year senior notes (Ba2/BB) at par to yield 5¼% on Thursday, according to a market source.

The deal was upsized from $500 million.

The yield printed at the wide end of the 5 1/8% to 5¼% yield talk.

J.P. Morgan Securities LLC and Deutsche Bank Securities Inc. were the joint global coordinators. Bank of China Ltd. was the Asia coordinator. BNP Paribas, DBS Bank, ICBC and Scotia Capital were the joint bookrunners.

The Macau-based gaming firm plans to use the proceeds for working capital and for general corporate purposes.

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

Issuer:	Wynn Macau Ltd.
Amount:	$600 million, increased from $500 million
Maturity:	Oct. 15, 2021
Securities:	Senior notes
Global coordinators:	J.P. Morgan Securities LLC, Deutsche Bank Securities Inc.
Asia coordinator:	Bank of China Ltd.
Joint bookrunners:	BNP Paribas, DBS Bank, ICBC, Scotia Capital
Coupon:	5¼%
Price:	Par
Yield:	5¼%
Spread:	288 basis points
Call features:	Make-whole call at Treasuries plus 50 bps until Oct. 15, 2016, then callable at 103.938, 102.625, 101.313, par on and after Oct. 15, 2019
Trade date:	Oct. 10
Settlement date:	Oct. 16
Ratings:	Moody's: Ba2
	Standard & Poor's: BB
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	5 1/8% to 5¼%
Marketing:	Quick-to-market

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