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Wynn Resorts’ Las Vegas units seek consents to amend 4¼% notes due 2023
By Marisa Wong
Morgantown, W.Va., Feb. 16 – Wynn Resorts, Ltd. said its indirect wholly owned subsidiaries, Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp., have begun a solicitation of consents to a proposed amendment to the indenture governing their 4¼% senior notes due 2023.
The proposed amendment would conform the definition of change of control relating to ownership of equity interests in Wynn Resorts in the 4¼% notes indenture to the terms of the indentures governing the Wynn Las Vegas’ other outstanding notes.
The consent solicitation will expire at 5 p.m. ET on Feb. 27.
Noteholders who deliver their consents prior to the expiration time will receive an aggregate cash payment of $10 million. The consent payment will be paid to the consenting holders on a pro rata basis.
Adoption of the proposed amendment requires the consent of holders of a majority in principal amount of the outstanding notes that are not owned by the issuers. As of Feb. 16, there is $500 million of the notes outstanding.
Deutsche Bank Securities Inc. (855 287-1922 and 212 250-7527) is the solicitation agent. D.F. King & Co., Inc. (866 356-7814) is information and tabulation agent.
Wynn Resorts is a Las Vegas-based developer, owner and operator of destination casino resorts.
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