Wynn Resorts is pursuing a $900 million private offering of senior notes due 2035, with proceeds and cash on hand intended to redeem all outstanding 5.250% senior notes due 2027. The new notes will be senior unsecured obligations and effectively subordinated to secured Debt to the extent of collateral, defining the proposed refinancing’s investor risk.

Key Highlights

  • The planned guarantees would come from domestic subsidiaries that already guarantee specified Credit facilities.
  • The offering will target qualified institutional buyers under Rule 144A and certain investors outside the United States under Regulation S.
  • Wynn Las Vegas intends to redeem its outstanding WLV notes after the offering closes.

Wynn Resorts, Limited (NASDAQ: WYNN) plans to offer $900 million in senior notes, directing proceeds and cash on hand to Wynn Las Vegas to redeem its outstanding WLV notes. The proceeds will also cover fees and expenses linked to the issuance and redemption.

$900 Million Offering Structure

Wynn Resorts Finance, LLC and Wynn Resorts Capital Corp. both indirect wholly-owned subsidiaries, are offering the notes privately. The securities would initially have joint and several guarantees from domestic subsidiaries of Wynn Resorts Finance that guarantee its existing senior secured credit facilities, while Wynn Resorts Capital is a co-issuer. The filing describes the notes and guarantees as having unsecured senior status and says they would rank equally with certain unsubordinated liabilities, including the Issuers’ existing notes. The offering is being made under an exemption from the Securities Act to qualified institutional buyers under Rule 144A and certain investors outside the United States under Regulation S.

Proposed Redemption of WLV Notes

Wynn Resorts Finance plans to contribute or lend the net proceeds, alongside cash on hand, to Wynn Las Vegas.