| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers W > Headlines for Wynn Macau Ltd. > News item |
Wynn Macau to price benchmark two-part senior notes on Wednesday
By Paul A. Harris
Portland, Ore., Aug. 18 – Wynn Macau Ltd. plans to price a benchmark two-part dollar-denominated offering of senior notes (expected ratings B1/BB-) on Wednesday, according to market sources.
The Rule 144A and Regulation S offering is comprised of an add-on to the company’s 5˝% senior notes due Jan. 15, 2026.
The expected size is $250 million, and initial price talk is in the 99.5 area, a trader said.
The add-on notes, which were priced in a $750 million issue in June 2020, came with two years of call protection.
The Rule 144A add-on notes are to become immediately fungible with the original notes. The Regulation S add-on notes will become fungible with the original notes after 40 days.
Wynn Macau also intends to sell new eight-year senior notes, which come with three years of call protection.
The expected size of the new notes tranche is $600 million, and initial talk has the new notes coming to yield in the high 5% area, the trader said.
Final tranche sizes remain to be determined.
The notes, which were set to kick off on a Tuesday morning investor call, are expected to price Wednesday morning, New York time.
Sole global coordinator and left lead bookrunner Deutsche Bank will bill and deliver.
Banco Nacional Ultramarino, SA, Bank of China Macau Branch, Bank of Communications Macau, BNP Paribas, BOC International, BofA Securities, DBS Bank Ltd., ICBC (Macau), JPMorgan, Scotiabank, SMBC Nikko and United Overseas Bank are joint bookrunners.
Investors may put the notes in both tranches at par upon the occurrence of certain events relating to the termination, rescission, revocation or modification of the company’s gaming license.
The Macau-based owner and operator of gaming and entertainment facilities plans to use the proceeds to pay down its term loan.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.