Wynn Resorts announces $900 million private offering
Wynn Resorts Ltd. said Monday it will issue $900 million in first mortgage notes due in 2022. The notes will be offered to only qualified institutional buyers and outside the U.S. in accordance with securities law, the Las Vegas-based company said in a statement.
The notes will be co-issued by subsidiaries Wynn Las Vegas LLC and Wynn Las Vegas Capital Corp. The company said it plans to use net proceeds to repay all outstanding loans and for general corporate purposes.
Standard & Poor's rating service Monday assigned a "BBB-" to the notes.
Shares of Wynn Resorts lost $4.52, or 3.55 percent, to close Monday at $122.75 on the Nasdaq Global Select Market.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893.
