Wynn Macau talks $650 million 10-year notes to yield in 5 3/8% area; pricing Tuesday

By Paul A. Harris

Portland, Ore., Dec. 10 – Wynn Macau, Ltd. talked a $650 million offering of 10-year senior notes (B1/BB-) to yield in the 5 3/8% area, according to market sources.

The deal, which is being marketed to high-yield accounts as well as emerging markets investors, is said to be playing to big demand, enabling the Macau-based casino company to tighten pricing from earlier guidance in the mid-5% area.

The Rule 144A and Regulation S notes offering is expected to price later on Tuesday.

Sole global coordinator and lead left bookrunner Deutsche Bank AG, Singapore Branch will bill and deliver.

Banco Nacional Ultramarino, SA, Bank of China Ltd., Macau Branch, Bank of Communications Co., Ltd. Macau Branch, BNP Paribas, BOCI Asia Ltd., BofA Securities, Inc., DBS Bank Ltd., Industrial and Commercial Bank of China (Macau) Ltd., J.P. Morgan Securities plc, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc. and United Overseas Bank Ltd., Hong Kong Branch are joint bookrunners.

The notes come with five year of call protection.

Investors will have the ability to put the notes at par in the event the company’s gaming license is terminated, rescinded, revoked or modified.

Proceeds would be used to repay outstanding amounts under the company’s credit facilities and for general corporate purposes.

The prospective issuer is incorporated in the Cayman Islands and is a subsidiary of resort developer Wynn Resorts Ltd.

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