By Paul A. Harris
Portland, Ore., May 15 - Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp. priced a $500 million split-rated issue of non-callable 10-year senior notes (Ba2/BBB-/) at par to yield 4¼% on Wednesday, according to a market source.
The yield printed on top of yield talk.
Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC were the joint bookrunners for the quick-to-market issue.
The Las Vegas-based gaming, entertainment and lodging company plans to use the proceeds to purchase its 7⅞% first mortgage notes due 2017 and to redeem any 2017 notes not tendered.
| Issuers: | Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp.
|
| Amount: | $500 million
|
| Maturity: | May 30, 2023
|
| Securities: | Senior notes
|
| Bookrunners: | Deutsche Bank Securities Inc., J.P. Morgan Securities LLC
|
| Coupon: | 4¼%
|
| Price: | Par
|
| Yield: | 4¼%
|
| Spread: | 231 bps
|
| Call protection: | Non-callable
|
| Trade date: | May 15
|
| Settlement date: | May 22
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BBB-
|
| Distribution: | Rule 144A for life
|
| Price talk: | 4¼% area
|
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