S&P rates Wynn Resorts loan BB

S&P said it assigned its BB issue-level rating and 1 recovery rating to Wynn Resorts Finance LLC's amended and extended credit facility, which comprises a $681.3 million revolver and $749.4 million term loan A that are both due in September 2027.

The company used the proceeds from the extended term loan to refinance a portion of its existing term loan A due September 2024, which had $825 million outstanding. The remaining $75.6 million of the term loan A will still mature in 2024. Wynn Resorts Finance also reduced its total revolver commitment to $750 million from $850 million. The remaining $68.7 million commitment will mature in September 2024.

S&P said the transaction has not materially affected the recovery prospects for the secured lenders because it is a debt-for-debt refinancing. All of S&P’s other ratings on the company, including the B+ issuer credit rating and positive outlook, are unchanged.

© 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.