Wynn entities get $615 million term loan at Libor plus 170 bps

By Wendy Van Sickle

Columbus, Ohio, July 30 – Wynn/CA Plaza Property Owner, LLC and Wynn/CA Property Owner, LLC, each a 50.1%-owned subsidiary of Wynn Resorts, Ltd., entered into a credit agreement for a $615 million term loan facility due July 24, 2025, according to an 8-K filing with the Securities and Exchange Commission.

The other 49.9% of each borrower is owned by Crown Acquisitions Inc.

Borrowings bear interest at Libor plus 170 basis points.

The borrowers also entered into an interest rate collar agreement that set a Libor floor of 1% and a ceiling of 3.75%.

The borrowers distributed about $589 million of the net proceeds of the term loan to their members. Wynn Resorts plans to use its portion of the net proceeds for the construction of Encore Boston Harbor and for other general corporate purposes.

Wynn Resorts must maintain a consolidated net worth of not less than $100 million during the term of the loan.

United Overseas Bank Ltd., New York agency, Fifth Third Bank and Sumitomo Mitsui Banking Corp. are the joint lead arrangers. United Overseas is the administrative agent. Credit Agricole CIB is the managing agent.

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

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