New Issue: Wynn Macau prices $1 billion 10-year notes at par to yield 5 1/8%

By Paul A. Harris

Portland, Ore., Dec. 10 – Wynn Macau, Ltd. priced a $1 billion issue of 10-year senior notes (B1/BB-) at par to yield 5 1/8% on Tuesday, according to a market source.

The yield printed 12.5 basis points inside of yield talk in the 5 3/8% area.

The deal, which was announced at benchmark size and marketed to high-yield accounts as well as emerging markets investors, was said to be playing to $4 billion of orders, enabling the casino company to tighten pricing from initial guidance in the mid-5% area.

Global coordinator and lead left bookrunner Deutsche Bank AG, Singapore Branch will bill and deliver. Joint bookrunners were Banco Nacional Ultramarino, SA, Bank of China Ltd., Macau Branch, Bank of Communications Co., Ltd. Macau Branch, BNP Paribas, BOCI Asia Ltd., BofA Securities, Inc., DBS Bank Ltd., Industrial and Commercial Bank of China (Macau) Ltd., J.P. Morgan Securities plc, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc. and United Overseas Bank Ltd., Hong Kong Branch.

Investors will have the ability to put the notes at par in the event the company's gaming license is terminated, rescinded, revoked or modified.

Proceeds will be used to repay outstanding amounts under the company’s credit facilities and for general corporate purposes.

The issuer is incorporated in the Cayman Islands and is a subsidiary of resort developer Wynn Resorts Ltd.

Issuer:	Wynn Macau Ltd.
Amount:	$1 billion
Tenor:	10 years
Securities:	Senior notes
Left bookrunner:	Deutsche Bank AG, Singapore Branch (bill and deliver)
Joint bookrunners:	Banco Nacional Ultramarino, SA, Bank of China Ltd., Macau Branch, Bank of Communications Co., Ltd. Macau Branch, BNP Paribas, BOCI Asia Ltd., BofA Securities, Inc., DBS Bank Ltd., Industrial and Commercial Bank of China (Macau) Ltd., J.P. Morgan Securities plc, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc. and United Overseas Bank Ltd., Hong Kong Branch
Coupon:	5 1/8%
Price:	Par
Yield:	5 1/8%
Call protection:	Five years
Trade date:	Dec. 10
Settlement date:	Dec. 17
Ratings:	Moody's: B1
	S&P: BB-
Distribution:	Rule 144A and Regulation S
Price talk:	5 3/8% area
Marketing:	Roadshow

© 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.