Wynn Resorts (Macau) gets $2.3 billion amended and restated facility

By Sara Rosenberg

New York, Aug. 1 - Wynn Resorts (Macau) SA amended and restated its senior secured credit facility, expanding availability to $2.3 billion equivalent, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

The facility consists of a $750 million equivalent six-year term loan and a $1.55 billion equivalent five-year revolver, both initially priced at Libor plus 250 basis points. The spread can range from Libor plus 175 bps to 250 bps based on leverage.

There is a $200 million accordion feature.

Proceeds are being used to refinance existing debt, to fund the design, development, construction and pre-opening expenses of Wynn Cotai and for general corporate purposes.

Bank of China is the agent on the deal.

The amendment and restatement was completed on July 31.

Wynn Resorts (Macau) is a subsidiary of Wynn Resorts Ltd., a Las Vegas-based developer, owner and operator of destination casino resorts.

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