Chicago, Feb. 9 – Wynn Resorts, Ltd. priced a $600 million offering of eight-year senior bullet notes (B2/B+) in a Thursday drive-by, according to market sources and a press release.
The notes priced with a 7 1/8% coupon at par.
The deal was in the market with initial guidance in the 7¾% area, a sellside source said.
Deutsche Bank Securities Inc. is the lead.
The notes feature a par call three months prior to maturity but are otherwise non-callable.
The issuing entities will be Wynn Resorts Finance, LLC and its subsidiary Wynn Resorts Capital Corp., both of them indirect wholly owned subsidiaries of Wynn Resorts, Ltd.
The Las Vegas-based entertainment and hospitality company plans to use the proceeds plus cash on hand to fund a concurrent tender offer for the Wynn Resorts Finance/Wynn Resorts Capital Corp. 7¾% senior notes due 2025 and to redeem any of those notes not taken out in the tender.
Paul A. Harris contributed to this story.
| Issuer: | Wynn Resorts Finance, LLC and Wynn Resorts Capital Corp
|
| Amount: | $600 million
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| Issue: | Senior notes
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| Maturity: | 2031
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| Bookrunners: | Deutsche Bank Securities Inc.
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| Coupon: | 7 1/8%
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| Price: | Par
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| Yield: | 7 1/8%
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| Call features: | Par call three months before maturity
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| Trade date: | Feb. 9
|
| Ratings: | Moody’s: B2
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7¾% area
|
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