By Ronda Fears
Nashville, June 30 - Wynn Resorts Ltd. sold $200 million of 12-year convertibles at par to yield 6.0% with a 30% initial conversion premium.
Deutsche Bank Securities was lead manager of the overnight Rule 144A deal.
Wynn will use $35 million of the proceeds to buy U.S. government securities to secure interest payments for three years.
The Las Vegas-based firm, which is building casinos in Las Vegas and Macau, said remaining proceeds would be used to finance its Macau project and general expenses.
Terms of the new deal are:
Issuer: Wynn Resorts Ltd.
| Issue: | Rule 144A convertible subordinated debentures
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| Lead manager: | | Deutsche Bank Securities
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| Amount | $200 million
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| Greenshoe: | $50 million
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| Maturity: | 2015
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| Dividend: | 6.0%
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| Price: | par
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| Yield: | 6.0%
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| Conversion premium: | 30%
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| Conversion price: | $23.00
|
| Conversion ratio: | 43.4783
|
| Call: | noncallable
|
| Price Talk: | NA
|
| Pricing Date: | June 30, after the close
|
| Settlement: | July 7
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