By Paul A. Harris
Portland, Ore., Feb. 8 – Wynn Resorts, Ltd. priced 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 (B1/BB-/BB-) at 103 to yield 6.57% in a Thursday drive-by, according to market sources.
The issue price came at the rich end of the 102.5 to 103 price talk. Initial talk was in the 102 area.
Deutsche Bank Securities Inc. was the lead.
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.
| Issuers: | Wynn Resorts Finance, LLC and Wynn Resorts Capital Corp.
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| Amount: | $400 million
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| Issue: | Add-on to senior notes
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| Maturity: | Feb. 15, 2031
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| Lead: | Deutsche Bank Securities Inc.
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| Coupon: | 7 1/8%
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| Price: | 103
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| Yield: | 6.57%
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| Call protection: | Make-whole at Treasuries plus 50 bps until three months prior to maturity, then callable at par; otherwise non-callable
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| Trade date: | Feb. 8
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| Settlement date: | Feb. 23
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| Ratings: | Moody’s: B1
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| S&P: BB-
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| Fitch: BB-
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | 102.5 to 103
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| Marketing: | Drive-by
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| Original issue: | $600 million priced in February 2023
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| Fungibility: | Rule 144A add-on notes to immediately become fungible with original notes, Regulation S add-on notes to become fungible with original notes following 40-day cooling period
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