Wynn Resorts Ltd., through its unit Wynn Resorts Finance, on Sept. 12 priced a private offering of $750 million aggregate principal amount of 5.125% senior notes due 2029.
The notes are being offered for sale to qualified institutional buyers.
The company previously announced that its finance unit expects to enter into a new first-lien term loan A facility worth up to $1 billion and a new revolving first-lien credit facility of up to $850 million, as well as to undergo internal restructuring.
After the restructuring, Wynn Resorts Finance, formerly known as Wynn America, will hold all of its parent's ownership interests in Wynn Las Vegas LLC, Wynn Group Asia and Wynn MA LLC.
Wynn Las Vegas is the owner and operator of its namesake integrated resort in Las Vegas, while Wynn MA owns and operates the Encore Boston Harbor integrated resort in Everett, Mass. The company's subsidiary in Asia holds Wynn Resorts' approximately 72% controlling interest in Wynn Macau, which runs Wynn Macau and Wynn Palace casino resorts.
In its Sept. 11 announcement, the Las Vegas-based hotel and casino operator said it plans to use the net proceeds from the offering to refinance the existing credit facilities of Wynn Resorts and Wynn Resorts Finance, and pay related fees and expenses.
