Moody's assigns Wynn Macau notes B1

Moody's Investors Service said it assigned a B1 rating to Wynn Macau, Ltd.'s proposed $600 million of senior unsecured notes due 2028 and $250 million add-on to the company's B1-rated senior unsecured notes due 2026.

“WML is a 72.2% owned subsidiary of Wynn Resorts Finance, LLC (WRF or Wynn), which in turn is a wholly-owned subsidiary of Wynn Resorts, Ltd. WRF's Ba3 corporate family rating (CFR), Ba3-PD probability of default rating, and existing Ba1 rated senior secured revolver and term loan and B1 rated senior unsecured notes are unchanged. The existing B1 rated senior unsecured notes at WML and Wynn Las Vegas, LLC are unchanged. The company's speculative-grade liquidity rating of SGL-2 is unchanged. The outlook remains negative,” Moody’s said in a press release.

Proceeds will be used to help repay a portion of the amounts outstanding under the Wynn Macau credit facilities and for general corporate purposes.

“ The refinancing is credit positive, enabling the company to improve future funding flexibility by reducing the secured debt in its capital structure. The transaction does not affect the Ba3 CFR or negative outlook because it is largely debt for debt and leverage neutral,” Moody’s said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.