Wynn Resorts Announces Pricing of Private Offering of $1.8 billion Aggregate Principal Amount of Wynn Las Vegas 5.5% Senior N...
February 11 2015 - 2:57PM
Business Wire
Wynn Resorts, Limited (NASDAQ: WYNN) announced today the pricing
by Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp. (the
“issuers”), each an indirect wholly-owned subsidiary of Wynn
Resorts, Limited, of $1.8 billion aggregate principal amount of
5.5% Senior Notes due 2025 (the “Notes”). The Notes will be issued
at par. Wynn Las Vegas, LLC plans to use the net proceeds from the
offering to purchase any and all of the issuers’ outstanding
$1,226.6 million aggregate principal amount of 7¾% First Mortgage
Notes due 2020 (the “7¾% Notes”) and any and all of the issuers’
outstanding $377.01 million aggregate principal amount of 7⅞% First
Mortgage Notes due 2020 (the “7⅞% Notes” and, together with the 7¾%
Notes, the “2020 Notes”) pursuant to the previously announced cash
tender offer with respect to the 2020 Notes. In addition, Wynn Las
Vegas, LLC intends to satisfy and discharge the indentures
governing each of the 7¾% Notes and 7⅞% Notes and use any remaining
net proceeds from the offering to redeem any 7¾% Notes and 7⅞%
Notes not tendered and for general corporate purposes.
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 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 the issuers’ financial results is included in Wynn Las
Vegas, LLC’s Annual Report on Form 10-K for the year ended December
31, 2013 and Quarterly Reports on Form 10-Q for the fiscal quarters
ended March 31, 2014, June 30, 2014 and September 30, 2014 and Wynn
Las Vegas, LLC’s and Wynn Resorts, Limited’s other periodic reports
filed with the Securities and Exchange Commission. Neither Wynn
Resorts, Limited 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.
Wynn Resorts, LimitedStephen Cootey, Chief Financial Officer
& Treasurer702-770-7000investorrelations@wynnresorts.com
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