Wynn Macau issuing US$1 billion in senior notes to repay debt

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Wynn Macau announced in a Wednesday morning filing it had entered into an agreement to issue US$1 billion 5.125% senior notes due 2029. The offering should net the company approximately US$991.3 million after discounts and commissions, pending completion based on market conditions and investor interest.

Proposed Monday in a separate filing, the company hopes to repay a portion of the amounts outstanding from Wynn Macau’s credit facilities and “general corporate purposes”.

The credit facilities agreement, dated July 30, 2012, allows the company to borrow the equivalent of US$2.5 billion and was amended September 30, 2015 increasing the amount to $3.05 billion. Wynn Macau was required to begin repayment December 2018, and the amount must be fully paid off by September 2021.

Wynn seeks a listing of the notes on the stock exchange and says it has already obtained an eligibility letter from the exchange.

The Singapore branch of Deutsche Bank AG has been listed as the sole global coordinator of the offering and is also representing multiple initial purchasers of the notes in the agreement.