S&P rates Wynn Macau notes B

S&P said it assigned a B rating to Wynn Macau Ltd.'s proposed aggregate $1.35 billion senior unsecured notes due 2024 and 2027.

The proceeds from the new senior notes, along with cash on the balance sheet, will be used to repay the company's existing 5¼% senior notes and to pay the tender premium, fees and expenses.

The transaction will be leverage neutral, the agency noted.

S&P said it rates the proposed senior notes two notches lower than the corporate credit rating because Wynn Macau's priority liabilities as a percentage of total assets exceed 30%.

The senior notes also are structurally subordinated to Wynn Macau's senior secured credit facilities because the borrower under the credit facilities is closer to the company's casino assets, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.