Wynn ups tender cap for 5½% notes to $400 million, posts early tally

By Wendy Van Sickle

Columbus, Ohio, Aug. 23 – Wynn Resorts Ltd. announced the early results and upsizing of indirect wholly owned subsidiary Wynn Resorts Las Vegas, LLC’s cash tender offer for its outstanding $1.78 billion 5½% senior notes due 2025 (Cusips: 983130AV7, U98347AK0) jointly issued with Wynn Resorts Las Vegas Capital Corp.

The company announced the tender for up to $300 million principal amount of the notes on Aug. 10, as previously reported. However, the offer cap has been increased to $400 million, according to a news release Wednesday.

By the early deadline, 5 p.m. ET on Aug. 23, $684,014,000 principal amount of the notes had been tendered.

Wynn Resorts Las Vegas is offering to purchase the notes for a total consideration of $990 for each $1,000 principal amount, which includes an early tender premium of $50.

The offer expires at 5 p.m. ET on Sept. 8.

The early settlement date is expected to be Aug. 24.

Deutsche Bank Securities Inc. (855 287-1922 or 212 250-7527) and Scotia Capital (USA) Inc. (833 498-1660) are the dealer managers for the tender offer.

The tender and information agent is D.F. King & Co., Inc. (wynn@dfking.com, 800 628-8538 or 212 269-5550).

The hotel and casino company is based in Las Vegas.

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