By Rebecca Melvin
New York, Sept. 14 – Wynn Macau Ltd., an indirect subsidiary of Wynn Resorts Ltd., priced $1.35 billion of senior notes due 2024 and 2027 (expected rating: B) on Wednesday, according to a news release.
The $600 million senior notes due 2024 priced at par to yield 4 7/8%, and the $750 million senior notes due 2027 priced at par to yield 5½%.
The 2024 notes are non-callable until Oct. 1, 2020, and the 2027 notes are non-callable until Oct. 1, 2022.
The bookrunners were Deutsche Bank AG, Singapore Branch (global coordinator and left lead), BNP Paribas Securities Corp., BOCI Asia Ltd., DBS Bank Ltd., Industrial and Commercial Bank of China (Macau) Ltd., Merrill Lynch, SMBC Nikko Securities America Inc., and United Overseas Bank Ltd.
The offering will be sold under Rule 144A and Regulation S.
Proceeds are intended to be used together with other available funds and/or cash to repurchase and redeem the $1.35 billion outstanding principal amount of the issuer’s 5¼% notes due 2021 in full.
A tender offer began on Monday and will expire on Sept. 19.
The company plans to list the new notes of the Hong Kong Stock Exchange.
The issuer is a Macau-based gaming firm incorporated in the Cayman Islands.
| Issuer: | Wynn Macau, Ltd.
|
| Amount: | $1.35 billion
|
| Issue: | Senior notes
|
| Bookrunners: | Deutsche Bank AG, Singapore Branch (global coordinator and left lead), BNP Paribas Securities Corp., BOCI Asia Ltd., DBS Bank Ltd., Industrial and Commercial Bank of China (Macau) Ltd., Merrill Lynch, SMBC Nikko Securities America Inc., and United Overseas Bank Ltd.
|
| Co-managers: | Banco Nacional Ultramarina SA, Bank of Communications Co. Ltd., Macau Branch, and J. P. Morgan Securities LLC
|
| Trade date: | Sept. 13
|
| Settlement date: | Sept. 20
|
| Existing rating: | S&P: B
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| 2024 notes
|
| Amount: | $600 million
|
| Maturity: | Oct. 1, 2024
|
| Coupon: | 4 7/8%
|
| Price: | Par
|
| Yield: | 4 7/8%
|
| Call: | Make-whole call until Oct. 1, 2020, then at a declining premium
|
| Equity claw: | For up to 35% until Oct. 1, 2020
|
|
|
| 2027 notes
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| Amount: | $750 million
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| Maturity: | Oct. 1, 2027
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| Coupon: | 5½%
|
| Price: | Par
|
| Yield: | 5½%
|
| Call: | Make-whole call until Oct. 1, 2022, then at a declining premium
|
| Equity claw: | For up to 35% until Oct. 1, 2020
|
|
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|
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