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Wynn Resorts driving by with $600 million eight-year bullet notes; initial talk 7¾% area
By Paul A. Harris
Portland, Ore., Feb. 9 – Wynn Resorts, Ltd. plans to price a $600 million offering of eight-year senior bullet notes (B2/B+) in a Thursday drive-by, according to market sources.
The deal is in the market with initial guidance in the 7¾% area, a sellside source said.
Deutsche Bank Securities Inc. is the lead.
The notes feature a par call three months prior to maturity but are otherwise non-callable.
The issuing entities will be Wynn Resorts Finance, LLC and its subsidiary Wynn Resorts Capital Corp., both of them indirect wholly owned subsidiaries of Wynn Resorts, Ltd.
The Las Vegas-based entertainment and hospitality company plans to use the proceeds plus cash on hand to fund a concurrent tender offer for the Wynn Resorts Finance/Wynn Resorts Capital Corp. 7¾% senior notes due 2025 and to redeem any of those notes not taken out in the tender.
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