Wynn Resorts sees $678 million early tenders in offer for 5½% notes

By Wendy Van Sickle

Columbus, Ohio, Feb. 22 – Wynn Resorts Ltd. announced the early results of indirect wholly owned subsidiary Wynn Resorts Las Vegas, LLC’s cash tender offer for up to $800 million principal amount of its outstanding $1,400,001,000 5½% senior notes due 2025 (Cusips: 983130AV7, U98347AK0) jointly issued with Wynn Resorts Las Vegas Capital Corp.

By the early tender date, 5 p.m. ET on Feb. 22, holders had delivered and the company accepted tenders of $677,975,000 principal amount of notes.

As announced on Feb. 8, Wynn Resorts Las Vegas was offering to purchase the notes for a total consideration of $1,002.17 for each $1,000 principal amount, which includes an early tender premium of $30, according to a press release.

The offer is set to expire at 5 p.m. ET on March 8.

Early settlement is expected to be Feb. 23. Final settlement, if any, is expected to occur on March 11.

Tenders may be withdrawn at any time at or prior to the early tender date.

Completion of the tender offer is subject to completion of a new debt financing. The company priced a $400 million add-on to the Wynn Resorts Finance, LLC/Wynn Resorts Capital Corp. 7 1/8% senior bullet notes due Feb. 15, 2031 at 103 to yield 6.57% on Feb. 8, according to a market source.

Deutsche Bank Securities Inc. (855 287-1922 or 212 250-7527) and Scotia Capital (USA) Inc. (833 498-1660) are the dealer managers for the tender offer.

The tender and information agent is D.F. King & Co., Inc. (wynn@dfking.com, 866 796-344 or 212 269-5550).

The hotel and casino company is based in Las Vegas.

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