Wynn Resorts Announces Private Offering of $750 Million of Wynn Resorts Finance Senior Notes Due 2029
September 11 2019 - 08:54AM
Business Wire
Wynn Resorts, Limited (NASDAQ: WYNN) (“Wynn Resorts”) announced today that 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, are offering $750 million
aggregate principal amount of Senior Notes due 2029 (the
“Notes”) in a private offering.
The Notes will be guaranteed by all of Wynn Resorts Finance’s
other domestic subsidiaries that guarantee Wynn Resorts Finance’s
new Senior Secured Credit Facilities (defined below) (collectively,
the “Guarantors”), including Wynn Las
Vegas, LLC (“Wynn Las Vegas”) and each
of its subsidiaries that guarantees the existing senior notes
issued by Wynn Las Vegas (the “Existing LV
Notes”). The Notes and guarantees will be senior unsecured
obligations of the Issuers and the Guarantors and will rank equal
in right of payment with all existing and future liabilities of the
Issuers and such Guarantors that are not subordinated, including
their obligations under the new Senior Secured Credit Facilities
and, with respect to Wynn Las Vegas and certain of its
subsidiaries, their obligations under the Existing LV Notes. The
Notes and guarantees will be effectively subordinated to all of the
Issuers’ and the Guarantors’ existing and future secured debt (to
the extent of the collateral securing such debt), including the new
Senior Secured Credit Facilities.
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
of 1933 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190911005455/en/
Wynn Resorts, Limited Craig S. Billings, President, Chief
Financial Officer & Treasurer 702-770-7000
investorrelations@wynnresorts.com
Wynn Resorts (NASDAQ:WYNN)
Historical Stock Chart
From Feb 2024 to Mar 2024
Wynn Resorts (NASDAQ:WYNN)
Historical Stock Chart
From Mar 2023 to Mar 2024