Wynn Las Vegas, a subsidiary of Wynn Resorts, has started its cash tender offer to buy a portion of Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp.’s 5.5% Senior Notes due 2025. The notes will be sold in a principal amount up to $300m.
The deal is, “exclusive of any applicable premiums paid in connection with the tender offer and accrued and unpaid interest.”
Wynn Resorts explained the terms of the transaction in more detail through an official statement.
The company said, “The terms and conditions of the tender offer are set forth in an offer to purchase, dated August 10, 2023, which is being sent to all registered holders of notes.
“Holders of notes must validly tender and not validly withdraw their notes on or before 5PM, New York City time, on August 23, 2023, unless extended (such date and time, as the same may be extended, the ‘Early Tender Date’) in order to be eligible to receive the total consideration.”
Wynn Resorts went on to add that the company is at liberty to waive “any and all conditions to the tender off with respect to the notes” as it sees fit. The conclusion of the sale is also subject to the “satisfaction of certain conditions” that were previously established in the terms of the offer.
Travel + Leisure recently named Wynn Las Vegas the number one Las Vegas hotel in its 2023 World’s Best Awards list. This is the fourth year Wynn Las Vegas has grabbed the top spot in Travel + Leisure’s list, which rates and recognizes the world top resorts, hotels, travel destinations and companies.