Macau gaming operator Wynn Macau announced that it has completed its offering of $1 billion in aggregate principal amount of 6.75 percent senior notes due 2034, with net proceeds of approximately $989 million primarily earmarked for debt repayment.
The company, a Cayman Islands-incorporated entity listed on the Hong Kong Stock Exchange, has applied for listing and permission to deal in the notes on the exchange and targets professional investors only. The notes were issued at a price of 100 percent, with semi-annual interest payments beginning February 15th, 2026.
The offering, which was detailed in a memorandum dated August 12th, builds on previous announcements made on August 11th, 13th, and 19th. Proceeds will mainly repay outstanding amounts under the WM Cayman II Revolver and one or more series of existing Wynn Macau senior notes. Additionally, some funds may support general corporate purposes.
Under the terms, Wynn Macau may redeem up to 35 percent of the notes’ principal before August 15th, 2028, using net cash from equity offerings at a price of 106.750 percent plus accrued interest. Prior to that date, full redemption is possible at the greater of 100 percent of principal or a make-whole amount determined by an independent investment banker, plus accrued interest.
On or after August 15th, 2028, redemptions can occur at premiums starting at 103.375 percent and declining annually to 100 percent by maturity, plus accrued interest.
The notes rank equally with Wynn Macau’s existing senior unsecured debt, senior to subordinated indebtedness, but are effectively subordinated to secured debt and structurally subordinated to subsidiary liabilities. No subsidiaries guarantee the notes.
This debt restructuring supports Wynn Macau’s capital allocation strategy, which includes significant operational investments. During its second-quarter 2025 earnings call, the company revealed plans to spend up to $750 million through the end of 2026 on upgrades and expansions at its Macau resorts. Projects include a new large-scale events center at Wynn Palace, enhancements to premium gaming spaces at Wynn Palace, and hotel room updates at Wynn Macau.
The initial purchasers included Deutsche Bank, BofA Securities, Scotiabank, SMBC Nikko, Abu Dhabi Commercial Bank, Banco Nacional Ultramarino, Bank of China Macau Branch, Bank of Communications Macau Branch, BNP Paribas, CBRE, China CITIC Bank International, China Construction Bank Corporation Macau Branch, DBS Bank Ltd., ICBC (Macau), Luso International Banking Ltd., OCBC, Tai Fung Bank, and United Overseas Bank.
