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Wynn Las Vegas completes tender offer for 7¾%, 7 7/8% notes due 2020
By Jennifer Chiou
New York, Feb. 18 – Wynn Resorts, Ltd. subsidiary Wynn Las Vegas, LLC announced the completion of its cash tender offer for all of its $1,226,600,000 principal amount of 7¾% first mortgage notes due 2020 and $377,010,000 of 7 7/8% first mortgage notes due 2020.
The offer ended at 5 p.m. ET on Feb. 17.
Holders tendered $1,146,501,000 aggregate principal amount of the 7¾% notes and $305,866,000 of the 7 7/8% notes.
Wynn Las Vegas said it has accepted for payment all validly tendered notes.
On Feb. 18, the company paid the tender offer consideration of $1,073.82 per $1,000 principal amount for the 7¾% notes and $1,054.21 per $1,000 principal amount for the 7 7/8% notes. It also paid accrued interest.
Completion of the tender was subject to conditions including that Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp. sell new notes.
On the settlement date, the issuers completed their previously announced offering of $1.8 billion aggregate principal amount of 5½% senior notes due 2025. Wynn Las Vegas said it used a portion of the net proceeds to finance the tender offer.
The company added that it intends to satisfy and discharge the note indentures for the 7¾% and 7 7/8% notes and will use the remaining net proceeds from the 5½% notes offering to redeem the two series of notes as well as for general corporate purposes.
Deutsche Bank Securities Inc. (855 287-1922 or 212 250-7525) was the dealer manager. D.F. King & Co., Inc. (800 591-8236, banks and brokers call 212 269-5550) was the information agent.
Wynn Resorts is a Las Vegas-based gaming, entertainment and lodging company. It started the offer on Feb. 10.
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