New Issue: Wynn Macau prices upsized $750 million tap of 5 5/8% notes due 2028 at 103

By Paul A. Harris

Portland, Ore., Dec. 15 – Wynn Macau Ltd. priced an upsized $750 million add-on to its 5 5/8% senior notes due Aug. 26, 2028 (B1/BB-) at 103 to yield 5.146% on Tuesday, according to market sources.

The deal was upsized from $650 million.

The issue price came at the rich end of the 102.75 to 103 revised price talk, which had richened from earlier talk in the 102.5 area. Initial guidance was in the 102 area.

Joint bookrunner Deutsche Bank will bill and deliver. Additional bookrunners were 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 Macau-based owner and operator of gaming and entertainment facilities plans to use the proceeds to repay bank debt.

Issuer:	Wynn Macau Ltd.
Amount:	$750 million, increased from $650 million
Maturity:	Aug. 26, 2028
Security description:	Add-on to 5 5/8% senior notes due Aug. 26, 2028
Bookrunners:	Deutsche Bank (bill and deliver), 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
Coupon:	5 5/8%
Price:	103
Yield:	5.146%
First call:	Aug. 26, 2023 at 102.813
Trade date:	Dec. 15
Settlement date:	Dec. 22
Ratings:	Moody's: B1
	S&P: BB-
Distribution:	Rule 144A and Regulation S
Price talk:	102.75 to 103, revised from 102.5 area
Marketing:	Roadshow
Original issue:	$600 million priced in August 2020

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