Wynn Macau offers senior notes, redemption

Casino operator Wynn Macau has proposed an issuance of senior notes in order to repurchase and redeem its senior notes due 2021.

In October 2013, the Wynn Macau issued 5.25 percent senior notes due 2021, representing an aggregate principal amount of US$600 million.

The following year, Wynn issued an additional aggregate principal amount of US$750 million 5.25 percent senior notes due 2021.

As at Monday, the aggregate outstanding principal amount of the 2021 Notes is US$1.35 billion.

However, Wynn Macau said the aggregate principal amount of the new senior notes have not yet been determined.

In the same filing, the company also announced a concurrent tender offer to repurchase all outstanding 2021 notes.

The tender offer will commence on September 11, 2017, and will expire on September 19, 2017, and will use funds raised by the senior notes offering as well as other sources of funds available and cash on hand, said the operator.