New Issue: Wynn Resorts prices $900 million 10-year bullet at par to yield 5¼%

By Paul A. Harris

Portland, Ore., May 4 – Wynn Resorts, Ltd. priced $900 million issue of 10-year senior bullet notes (B1/BB-) at par to yield 5¼% on Thursday, according to market sources.

The yield printed at the tight end of the 5¼% to 5 3/8% yield talk; initial guidance was 5¼% to 5½%.

The deal was between 1.5-times and 2-times oversubscribed, sources said.

Deutsche Bank Securities Inc., BNP Paribas Securities Corp., BofA Merrill Lynch, Credit Agricole CIB, Fifth Third Bank, Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Scotia Capital, SMBC Nikko and SunTrust Robinson Humphrey Inc. were the joint bookrunners.

Proceeds, plus cash on hand, will be used to purchase any and all of the $900 million of 5 3/8% first mortgage notes due 2022 via a concurrent tender offer.

Issuers:	Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp.
Amount:	$900 million
Maturity:	May 15, 2027
Securities:	Senior notes
Bookrunners:	Deutsche Bank Securities Inc., BNP Paribas Securities Corp., BofA Merrill Lynch, Credit Agricole CIB, Fifth Third Bank, Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Scotia Capital, SMBC Nikko, SunTrust Robinson Humphrey Inc.
Coupon:	5¼%
Price:	Par
Yield:	5¼%
Spread:	289 bps
Call protection:	Non-callable
Trade date:	May 4
Settlement date:	May 11
Ratings:	Moody's: B1
	S&P: BB-
Distribution:	Rule 144A for life
Price talk:	5¼% to 5 3/8%
Marketing:	Quick to market

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