Wynn Resorts Announces Commencement of Tender Offer for Cash by Wynn Las Vegas, LLC for Any & All of its 5.375% First Mortgag...
May 04 2017 - 8:16AM
Business Wire
Wynn Resorts, Limited (NASDAQ:WYNN) announced today that its
indirect wholly owned subsidiary, Wynn Las Vegas, LLC, has
commenced a cash tender offer (the “Tender Offer”) for any and all
of its outstanding $900 million aggregate principal amount of
5.375% First Mortgage Notes due 2022 (the “2022 Notes”).
The Tender Offer is scheduled to expire at 5:00 P.M., New York
City time, on May 10, 2017 unless extended or earlier terminated
(such time, as may be extended, the “Expiration Time”). Holders who
validly tender their 2022 Notes prior to the Expiration Time will
be eligible to receive $1,029.35 for each $1,000 principal amount
of 2022 Notes.
Completion of the Tender Offer is subject to certain market and
other conditions, including the completion by Wynn Las Vegas, LLC
and Wynn Las Vegas Capital Corp. (the “issuers”) of new debt
financing on terms and conditions satisfactory to the issuers.
Settlement of the Tender Offer is expected to occur one business
day following the Expiration Time, unless terminated (other than
with respect to Notes tendered pursuant to the guaranteed delivery
procedures described in the Offer to Purchase, with respect to
which settlement is expected to occur three business days after the
Expiration Time).
Tendered Notes may be withdrawn at any time at or prior to the
Expiration Time. Tendered Notes may be withdrawn at any time after
the 60th business day after commencement of the Tender Offer if for
any reason the offer has not been consummated within 60 business
days after commencement.
This press release shall not constitute an offer to purchase or
the solicitation of an offer to sell the 2022 Notes. The complete
terms and conditions of the Tender Offer are described in the Offer
to Purchase dated as of May 4, 2017, the related Letter of
Transmittal and a Notice of Guaranteed Delivery, copies of which
may be obtained from D.F. King & Co., Inc., the tender and
information agent for the Tender Offer, at
http://www.dfking.com/wynn, by telephone at (800) 967-0271 (U.S.
toll free) and (212) 269-5550 (banks and brokers) or in writing at
D.F. King & Co., Inc., 48 Wall Street, 22nd Floor, New York, NY
10005, Attention: Andrew Beck.
Wynn Las Vegas, LLC has engaged Deutsche Bank Securities Inc. to
act as the dealer manager in connection with the Tender Offer.
Questions regarding the terms of the Tender Offer may be directed
to Deutsche Bank Securities Inc. by telephone at (855) 287-1922
(U.S. toll-free) and (212) 250-7527 (collect).
Forward-Looking Statements
This release contains forward-looking statements, including
those related to the tender for 2022 Notes and whether or not Wynn
Las Vegas, LLC will consummate the tender offer. 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 the issuers’ financial results is included in
Wynn Las Vegas, LLC’s Annual Report on Form 10-K for the year ended
December 31, 2016 and Quarterly Report on Form 10-Q for the fiscal
quarter ended March 31, 2017 and Wynn Las Vegas, LLC’s and Wynn
Resorts, Limited’s periodic reports filed with the Securities and
Exchange Commission. Neither Wynn Resorts, Limited nor Wynn Las
Vegas, LLC 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: http://www.businesswire.com/news/home/20170504005780/en/
Wynn Resorts, LimitedCraig Billings, Chief Financial Officer
& Treasurer702-770-7000investorrelations@wynnresorts.com
Wynn Resorts (NASDAQ:WYNN)
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