Wynn Resorts subsidiary extends portions of revolver, term loans

By Marisa Wong

Morgantown, W.Va., April 25 – Wynn America, LLC, an indirect wholly owned subsidiary of Wynn Resorts, Ltd., entered into a fifth amendment to its credit agreement dated Nov. 20, 2014 on Monday to extend the maturity dates of portions of its credit facilities.

The company amended the credit agreement in order to improve operational flexibility during the construction of Wynn Boston Harbor, which is expected to open mid-2019, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

The credit agreement is comprised of a $375 million senior secured revolving credit facility, an $875 million fully funded senior secured term loan facility (term loan I) and a $125 million fully funded senior secured term loan facility (term loan II). Borrowings are being used to fund the development, construction and pre-opening expenses of Wynn Boston Harbor and for general corporate purposes.

The maturity date for $333 million of the revolving loan was extended to Dec. 31, 2021 from Nov. 20, 2019; the maturity date for $805.4 million of term loan I was extended to Dec. 31, 2021 from Nov. 20, 2020, with repayment in quarterly installments of $20.1 million beginning March 31, 2020 and a final installment of $664.5 million on Dec. 31, 2021; and the maturity date for $125 million of term loan II was extended to Dec. 31, 2021 from Nov. 20, 2020, with no required scheduled repayments until the new maturity date.

Deutsche Bank AG, New York Branch is the administrative agent.

Wynn Resorts is a Las Vegas-based developer, owner and operator of destination casino resorts.

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