Wynn Resorts Announces Pricing of Private Offering of $750 Million Aggregate Principal Amount of Wynn Resorts Finance 5.125% ...
September 12 2019 - 4:05PM
Business Wire
Wynn Resorts, Limited (“Wynn Resorts”) (NASDAQ: WYNN) announced
today the pricing 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 $750 million aggregate principal
amount of 5.125% Senior Notes due 2029 (the “Notes”) in a private
offering.
Concurrently with the issuance of the Notes, Wynn Resorts
Finance expects (i) to enter into a new first lien term loan A
facility in an aggregate principal amount of up to $1,000 million
and a new revolving first lien credit facility in an aggregate
principal amount of up to $850 million (together, the “Senior
Secured Credit Facilities”) and (ii) to undergo an internal
restructuring, after which, Wynn Resorts Finance will hold 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 holds Wynn
Resorts’ approximately 72% controlling interest in Wynn Macau, and
in Wynn MA, LLC, which owns and operates the Encore Boston Harbor
integrated resort in Everett, Massachusetts.
Wynn Resorts Finance plans to use 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 Issuers will make the offering pursuant to an exemption
under the Securities Act of 1933, as amended (the “Securities
Act”). The initial purchasers of the Notes will offer the Notes
only to persons reasonably believed to be qualified institutional
buyers in reliance on Rule 144A under the Securities Act or outside
the United States to certain persons in reliance on Regulation S
under the Securities Act. The Notes have not been and will not be
registered under 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 and whether or not the Issuers
will consummate the offering. 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/20190912005868/en/
Vincent Zahn 702-770-7000 investorrelations@wynnresorts.com
Wynn Resorts (NASDAQ:WYNN)
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