Wynn Resorts Announces Closing of Private Offering of Wynn Resorts Finance, LLC’s & Wynn Resorts Capital Corp.’s 5.125% S...
September 20 2019 - 4:05PM
Business Wire
Wynn Resorts, Limited (“Wynn Resorts”) (NASDAQ: WYNN) announced
today the completion by Wynn Resorts Finance, LLC (formerly known
as Wynn America, LLC) (“Wynn Resorts Finance”) and its subsidiary
Wynn Resorts Capital Corp. (“Wynn Resorts Capital” and, together
with Wynn Resorts Finance, the “Issuers”), each an indirect
wholly-owned subsidiary of Wynn Resorts, of their previously
announced private offering of $750 million aggregate principal
amount of 5.125% Senior Notes due 2029 (the “Notes”).
Concurrently with the issuance of the Notes, Wynn Resorts
Finance (i) entered into a new first lien term loan A facility in
an aggregate principal amount of $1,000 million and a new revolving
first lien credit facility in an aggregate principal amount of $850
million (together, the “Senior Secured Credit Facilities”) and (ii)
underwent an internal restructuring, as a result of which, Wynn
Resorts Finance holds all of Wynn Resorts’ ownership interests in
Wynn Las Vegas, LLC, which owns and operates the Wynn Las Vegas
integrated resort in Las Vegas, Nevada (excluding certain leased
retail space that is owned by Wynn Resorts directly), in Wynn Group
Asia, which beneficially owns Wynn Resorts’ approximately 72%
controlling interest in Wynn Macau, Limited, and in Wynn MA, LLC,
which owns and operates the Encore Boston Harbor integrated resort
in Everett, Massachusetts.
Wynn Resorts Finance used the net proceeds from the offering,
together with borrowings under the Senior Secured Credit
Facilities, to (i) refinance the existing credit facilities of Wynn
Resorts and Wynn America, LLC and (ii) pay related fees and
expenses.
The Notes have not been and will not be registered under the
Securities Act of 1933, as amended (the “Securities Act”) or under
any state securities laws. Therefore, the Issuers may not offer or
sell the Notes within the United States to, or for the account or
benefit of, any United States person unless the offer or sale would
qualify for a registration exemption from the Securities Act and
applicable state securities laws.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the Notes described in this press
release, nor shall there be any sale of the Notes in any state or
jurisdiction in which such an offer, sale or solicitation would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
Forward-Looking Statements
This release contains forward-looking statements, including
those related to the offering of Notes and the closing of the
Senior Secured Credit Facilities. Forward-looking information
involves important risks and uncertainties that could significantly
affect anticipated results in the future and, accordingly, such
results may differ from those expressed in any forward-looking
statements. These risks and uncertainties include, but are not
limited to, competition in the casino/hotel and resorts industries,
the Issuers’ dependence on existing management, levels of travel,
leisure and casino spending, general domestic or international
economic conditions, and changes in gaming laws or regulations.
Additional information concerning potential factors that could
affect Wynn Resorts’ financial results is included in Wynn Resorts’
Annual Report on Form 10-K for the year ended December 31, 2018 and
Quarterly Report on Form 10-Q for the fiscal quarter ended June 30,
2019 and Wynn Resorts’ other periodic reports filed with the
Securities and Exchange Commission. Neither Wynn Resorts nor the
Issuers are under any obligation to (and expressly disclaim any
such obligation to) update their forward-looking statements as a
result of new information, future events or otherwise, except as
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20190920005455/en/
Wynn Resorts, Limited Craig S. Billings, President, Chief
Financial Officer & Treasurer 702-770-7000
investorrelations@wynnresorts.com
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