Wynn Resorts units again aim to align 4¼% notes with other issues

By Susanna Moon

Chicago, March 15 – Wynn Resorts, Ltd. said indirect wholly owned subsidiaries Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp. are soliciting consents from a majority of holders to amend their $500 million of 4¼% senior notes due 2023.

The consent solicitation will end at 5 p.m. ET on March 20.

The proposed amendment would conform the definition of change of control relating to ownership of equity interests in the company to those of the issuers’ other outstanding notes, according to a company announcement.

Holders who give their consents will share in the aggregate cash payment of $25 million, which will be paid pro rata.

Deutsche Bank Securities Inc. (855 287-1922 and 212 250-7527) is the solicitation agent. D.F. King & Co., Inc. (866 356-7814) is the information and tabulation agent.

The new solicitation comes on the heels of the consent bid that had been set to end at 5 p.m. ET on March 6, extended from 5 p.m. ET on Feb. 27.

The companies were seeking consents to conform the definition of change of control for the 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.

Wynn Resorts said on Feb. 28 that the subsidiaries had updated the terms of their solicitation for their 4¼% senior notes due 2023 that began Feb. 16.

The issuers also modified the terms of the solicitation to provide for a consent fee equal to (i) an aggregate of $12.5 million payable at completion of the consent solicitation plus (ii) an additional contingent payment payable to each consenting holder equal to 5% of the aggregate principal amount of notes held by that holder for which consents are delivered minus the amount of the consent payment previously received by that holder.

The contingent payment was payable at closing of any transaction that would have required the issuers to make a change-of-control offer under the existing terms of the notes’ indenture.

Noteholders who gave their consents in the solicitation were originally to receive an aggregate cash payment of $10 million, payable on a pro rata basis.

Wynn Resorts is a Las Vegas-based developer, owner and operator of destination casino resorts.

© 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.