Wynn Resorts greenshoe exercised, raising convertibles to $250 million

New York, July 30 - Wynn Resorts, Ltd. said underwriters of its recent offering of convertible subordinated debentures due 2015 exercised the $50 million over-allotment option in full, raising the size of the deal to $250 million.

The Las Vegas gaming company originally sold $200 million of the securities after the market closed on June 30, pricing them to yield 6.0% with a 30% initial conversion premium.

Deutsche Bank Securities was lead manager of the Rule 144A deal.

Wynn will use proceeds to finance its Macau project and for general expenses. It also used $9 million to buy U.S. government securities to secure the first three years interest payments.

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