Wynn Macau launches upsized $750 million tap of 5 5/8% notes due 2028 at 103; pricing Tuesday

By Paul A. Harris

Portland, Ore., Dec. 15 – Wynn Macau Ltd. launched an upsized $750 million add-on to its 5 5/8% senior notes due Aug. 26, 2028 (expected ratings B1/BB-) at 103, according to market sources.

The deal, which is upsized from $650 million, launched rich to price talk in the 102.5 area and is set to price on Tuesday. Initial guidance was in the 102 area.

Joint bookrunner Deutsche Bank will bill and deliver. The syndicate of investment banks leading the deal also includes Banco Nacional Ultramarino SA, Bank of China Macau Branch, Bank of Communications Macau, BNP Paribas, BOC International, BofA, DBS Bank Ltd., ICBC (Macau), JPMorgan, Scotia, SMBC Nikko and United Overseas Bank.

The Rule 144A and Regulation S notes become callable on Aug. 26, 2023 at 102.813.

The Macau-based owner and operator of gaming and entertainment facilities plans to use the proceeds to repay bank debt.

The original $600 million issue price in August 2020.

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