Wynn Resorts Finance releases initial settlement details for senior notes due 2025

February 17, 2023
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Holders can expect payouts later this month.

Wynn Resorts’ wholly-owned subsidiary, Wynn Resort Finance, LLC, has reached an initial settlement for a previously announced cash tender offer. The settlement includes “any and all of the outstanding $600m aggregate principal amount of 7.750% Senior Notes due 2025 of Wynn Resorts Finance and Wynn Resorts Capital Corp,” according to the company release.

The tender offer expired earlier this week. The company said in a statement that, upon the expiration, “valid tenders had been received with respect to approximately $506.4m of the $600m aggregate principal amount of 2025 Notes outstanding.”

Wynn Resorts Financial said it has accepted all “validly tendered” 2025 notes for payment prior to the February 15 expiration date, and noted that tendering holders received their tender offer consideration for both the principal amount, along with accrued and unpaid interest that carried over from the previous payment date.

The company went on to add: “With respect to 2025 Notes accepted for purchase that were tendered and are subsequently delivered in accordance with the guaranteed delivery procedures, such tendering Holders will receive payment of the tender offer consideration for such accepted 2025 Notes (to the extent such 2025 Notes were not delivered prior to the Expiration Time) on February 21, 2023, plus accrued and unpaid interest from the last interest payment date to, but excluding, the date hereof.”

Wynn Resorts owns and operates four casino locations, including Wynn Las Vegas, Encore Boston Harbor, Wynn Palace and Wynn Macau. The group is part the S&P 500 Index, as well as on the Nasdaq Global Select Market and is traded under the WYNN ticker symbol.


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