Wynn Resorts firms $250 million add-on term loan at 98.5 OID

By Sara Rosenberg

New York, March 7 – Wynn Resorts Ltd. finalized the original issue discount on its fungible $250 million add-on covenant-light first-lien term loan due October 2024 at 98.5, the tight end of the 98 to 98.5 talk, according to a market source.

Pricing on the add-on term loan is Libor plus 225 basis points with a 0% Libor floor, in line with the existing term loan pricing.

Also, like the existing term loan, the add-on term loan has 101 soft call protection through April 2019.

Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Fifth Third, J.P. Morgan Securities LLC, SunTrust Robinson Humphrey Inc. and Goldman Sachs Banks USA are the bookrunners on the deal.

Proceeds will be used for general corporate purposes.

Closing is targeted for Friday.

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.