Wynn Resorts Announces Pricing & Upsizing of Private Offering of $600 million Aggregate Principal Amount of Wynn Resorts Fina...
April 07 2020 - 4:00PM
Business Wire
Wynn Resorts, Limited (“Wynn Resorts”) (NASDAQ: WYNN) announced
today the pricing by Wynn Resorts Finance, LLC (“Wynn Resorts
Finance”) and its subsidiary Wynn Resorts Capital Corp. (“Wynn
Resorts Capital” and, together with Wynn Resorts Finance, the
“Issuers”), each an indirect wholly-owned subsidiary of Wynn
Resorts, of $600 million aggregate principal amount of 7.75% Senior
Notes due 2025 (the “Notes”) in a private offering. The aggregate
principal amount of Notes to be issued in the offering was
increased to $600 million from the previously announced $350
million.
The Notes will be guaranteed by all of Wynn Resorts Finance’s
other domestic subsidiaries (collectively, the “Guarantors”) that
guarantee Wynn Resorts Finance’s existing Senior Notes due 2029
(the “2029 Notes”), including Wynn Las Vegas, LLC (“Wynn Las
Vegas”) and each of its subsidiaries that guarantees the existing
senior notes issued by Wynn Las Vegas (the “Existing WLV Notes”).
The Notes and guarantees will be senior unsecured obligations of
the Issuers and the Guarantors and will rank equal in right of
payment with all existing and future liabilities of the Issuers and
such Guarantors that are not subordinated, including their
obligations under the 2029 Notes and, with respect to Wynn Las
Vegas and certain of its subsidiaries, their obligations under the
Existing WLV Notes. The Notes and guarantees will be effectively
subordinated to all of the Issuers’ and the Guarantors’ existing
and future secured debt (to the extent of the collateral securing
such debt), including the existing senior secured credit
facilities.
Wynn Resorts Finance plans to use the net proceeds from the
offering for general corporate purposes and to pay related fees and
expenses.
The Issuers will make the offering pursuant to an exemption
under the Securities Act of 1933, as amended (the “Securities
Act”). The initial purchasers of the Notes will offer the Notes
only to persons reasonably believed to be qualified institutional
buyers in reliance on Rule 144A under the Securities Act or outside
the United States to certain persons in reliance on Regulation S
under the Securities Act. The Notes have not been and will not be
registered under the Securities Act or under any state securities
laws. Therefore, the Issuers may not offer or sell the Notes within
the United States to, or for the account or benefit of, any United
States person unless the offer or sale would qualify for a
registration exemption from the Securities Act and applicable state
securities laws.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the Notes described in this press
release, nor shall there be any sale of the Notes in any state or
jurisdiction in which such an offer, sale or solicitation would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
Forward-Looking Statements
This release contains forward-looking statements, including
those related to the offering of Notes and whether or not the
Issuers will consummate the offering. Forward-looking information
involves important risks and uncertainties that could significantly
affect anticipated results in the future and, accordingly, such
results may differ from those expressed in any forward-looking
statements. These risks and uncertainties include, but are not
limited to, competition in the casino/hotel and resorts industries,
the Issuers’ dependence on existing management, levels of travel,
leisure and casino spending, general domestic or international
economic conditions, and changes in gaming laws or regulations.
Additional information concerning potential factors that could
affect Wynn Resorts’ financial results is included in Wynn Resorts’
Annual Report on Form 10-K for the year ended December 31, 2019 and
Wynn Resorts’ other periodic reports filed with the Securities and
Exchange Commission. Neither Wynn Resorts nor the Issuers are under
any obligation to (and expressly disclaim any such obligation to)
update their forward-looking statements as a result of new
information, future events or otherwise, except as required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20200407005815/en/
Vincent Zahn 702-770-7000 investorrelations@wynnresorts.com
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