Wynn Resorts has completed the issuance of $900 million in 6.875 percent senior notes due in 2035, using the proceeds and cash on hand to refinance debt tied to its Las Vegas operations.
The notes were issued on September 22nd by Wynn Resorts Finance and Wynn Resorts Capital, both indirect wholly owned subsidiaries of the casino group, according to a filing with the US Securities and Exchange Commission.
The group said the net proceeds will be used to redeem in full Wynn Las Vegas and Wynn Las Vegas Capital Corp.’s outstanding 5.25 percent senior notes due in 2027 and cover related fees and expenses.
The transaction extends the maturity of the refinanced debt from 2027 to 2035, although the new notes carry a higher coupon. Interest will be paid twice yearly, beginning on March 15th, 2027, with the notes maturing on March 15th, 2035.
Wynn priced the offering on September 10th, with closing initially expected on September 22nd. The latest filing confirms that the issuance was completed as scheduled.
