Wynn Resorts driving by with $400 million tap of 7 1/8% notes due 2031; initial talk 102 area

By Paul A. Harris

Portland, Ore., Feb. 8 – Wynn Resorts, Ltd. plans to price a $400 million add-on to the Wynn Resorts Finance, LLC/Wynn Resorts Capital Corp. 7 1/8% senior bullet notes due Feb. 15, 2031 in a Thursday drive-by, according to market sources.

Initial talk has the Rule 144A and Regulation S tap pricing in the 102 area.

The notes are subject to a par call three months prior to maturity.

Deutsche Bank Securities Inc. is leading the add-on notes sale.

Proceeds plus cash contributed by Wynn Resorts and/or borrowings under Wynn Resorts Finance’s senior credit facilities, will be used to repurchase up to $800 million of Wynn Las Vegas and Wynn Las Vegas Capital Corp. outstanding 5˝% senior notes due 2025, via a concurrent tender offer, and for general corporate purposes.

The hotel and casino company is based in Las Vegas.

The original $600 million issue priced in February 2023.

The Rule 144A add-on notes will immediately become fungible with the original notes. The Regulation S add-on notes will become fungible with the original notes following a 40-day cooling period.

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