New Issue: Wynn Macau prices upsized $750 million tap of 5¼% senior notes due 2021 at 100.75

By Paul A. Harris

Portland, Ore., March 13 - Wynn Macau Ltd. priced a massively upsized $750 million add-on to its 5¼% senior notes due Oct. 15, 2021 (existing ratings Ba2/BB/BB) at 100.75 to yield 5.093% on Thursday, according to a syndicate source.

The deal was upsized from $400 million.

The price came on top of price talk.

BofA Merrill Lynch, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and UBS Investment Bank were the global coordinators. BOCI Securities Ltd., BNP Paribas, Industrial and Commercial Bank of China Ltd. and Morgan Stanley & Co. were the joint bookrunners.

The issuer is a Macau-based gaming firm.

Issuer:	Wynn Macau, Ltd.
Amount:	$750 million, increased from $400 million
Maturity:	Oct. 15, 2021
Security description:	Add-on to 5¼% senior notes due Oct. 15, 2021
Global coordinators:	BofA Merrill Lynch, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, UBS Investment Bank
Bookrunners:	BOCI Securities Ltd., BNP Paribas, Industrial and Commercial Bank of China Ltd., Morgan Stanley & Co.
Coupon:	5¼%
Price:	100.75
Yield to worst:	5.093%
Price talk:	100.75 area
First call:	Oct. 15, 2016 at 103.938
Trade date:	March 13
Settlement date:	March 20 with accrued interest
Existing ratings:	Moody's: Ba2
	Standard & Poor's: BB
	Fitch: BB
Distribution:	Rule 144A and Regulation S for life
Marketing:	Quick to market
Original issue:	$600 million priced at par on Oct. 10, 2013
Total issue size:	$1.35 billion

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