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Wynn Macau sets price talk in benchmark two-part notes offering; pricing Wednesday
By Paul A. Harris
Portland, Ore., Aug. 18 – Wynn Macau Ltd. set price talk in its benchmark two-part dollar-denominated offering of senior notes (expected ratings B1/BB-), according to market sources.
The Rule 144A and Regulation S offering is comprised of an add-on to the company’s 5½% senior notes due Jan. 15, 2026 talked in the 99.5 area, on top of initial talk. The expected tranche size is $250 million, 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 and are talked to yield in the 5¾% area, inside of initial talk in the high 5% area.
The expected size of the new notes tranche is $600 million, the trader said.
Final tranche sizes remain to be determined.
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.
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