By Paul A. Harris
St. Louis, Nov. 22 - Wynn Las Vegas LLC priced an upsized $1.3 billion issue of 10-year first-mortgage notes (B2/B) at par to yield 6 5/8% Monday, according to a syndicate source.
Price talk was in the 6¾% area.
Deutsche Bank Securities, Banc of America Securities, Bear Stearns & Co., JP Morgan and SG Corporate & Investment Banking ran the books for the Rule 144A offering.
Proceeds will be used to retire existing debt, including a tender for the company's 12% second-mortgage notes due 2010, and to fund the expansion of the Wynn Las Vegas building project.
The issue was upsized from $1.1 billion.
The issuer is a Las Vegas-based entertainment, gaming and lodging company.
Issuer: Wynn Las Vegas LLC
| Amount: | $1.3 billion (increased from $1.1 billion)
|
| Maturity: | Dec. 1, 2014
|
| Security description: | First-mortgage notes
|
| Bookrunner: | Deutsche Bank Securities, Banc of America Securities, Bear Stearns, JP Morgan, SG Corporate & Investment Banking
|
| Coupon: | 6 5/8%
|
| Price: | Par
|
| Yield: | 6 5/8%
|
| Spread: | 246 basis points
|
| Call features: | Callable after Dec. 1, 2009 at 103.313, 102.209, 101.104, par on and after Dec. 1, 2012
|
| Equity clawback: | Until Dec. 1, 2007 for 35% at 106.625
|
| Pricing date: | Nov. 22
|
| Settlement date: | Dec. 14
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Price talk: | 6¾% area
|
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