LAS VEGAS–(BUSINESS WIRE)–Wynn Resorts, Limited (NASDAQ: WYNN) (“Wynn Resorts”) today announced the final results of the previously announced tender offer (the “Tender Offer”) by its indirect wholly-owned subsidiary, Wynn Las Vegas, LLC, to purchase a portion of Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp.’s outstanding 5.500% Senior Notes due 2025 (the “Notes”). The Tender Offer is subject to the terms and conditions set forth in the Offer to Purchase dated February 8, 2024 (the “Offer to Purchase”).
The following table sets forth, among other things, the principal amount of Notes validly tendered and accepted for purchase as of 5:00 p.m., New York City time, on March 8, 2024 (such date, the “Expiration Date”):
|
Title of Notes |
CUSIP Numbers |
Aggregate Principal |
Tender Cap |
Principal Amount |
Principal Amount |
|
5.500% Senior Notes due 2025 |
983130 AV7 U98347 AK0 |
$1,400,001,000 |
$800,000,000 |
$680,986,000 |
$680,986,000 |
The Tender Offer expired at 5:00 P.M., New York City time, on March 8, 2024 (the “Expiration Time”). Withdrawal and revocation rights expired at 5:00 p.m., New York City time, on February 22, 2024. Notes that have been tendered may no longer be withdrawn.
For Notes that were validly tendered after 5:00 P.M., New York City time, on February 22, 2024 but on or before the Expiration Time and that are accepted for payment and purchase, settlement will occur on the “Final Settlement Date,” which is currently expected to occur on March 11, 2024. Payment for the Notes that are purchased will include accrued and unpaid interest from the last interest payment date to, but excluding, the Final Settlement Date.
Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp. are also redeeming $119,015,000 of the Notes on March 27, 2024.
This press release does not constitute an offer to purchase or the solicitation of an offer to sell the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Deutsche Bank Securities Inc. and Scotia Capital (USA) Inc. are the dealer managers for the Tender Offer. Persons with questions regarding the Tender Offer should contact Deutsche Bank Securities Inc. by telephone at (855) 287-1922 (U.S. toll-free) and (212) 250-7527 (collect) or Scotia Capital (USA) Inc. by telephone at (833) 498-1660. Requests for copies of the Offer to Purchase should be directed to D.F. King & Co., Inc., the tender and information agent for the Tender Offer, at wynn@dfking.com, by telephone at (866) 796-3441 (U.S. toll free) and (212) 269-5550 (banks and brokers) or in writing at D.F. King & Co., Inc., 48 Wall Street, 22nd Floor, New York, NY 10005, Attention: Michael Horthman.
Forward-Looking Statements
This release contains forward-looking statements, including those related to the tender for Notes, the redemption and whether or not Wynn Las Vegas, LLC will consummate the Tender Offer or the redemption. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those we express in these forward-looking statements, including, but not limited to, reductions in discretionary consumer spending, adverse macroeconomic conditions and their impact on levels of disposable consumer income and wealth, changes in interest rates, inflation, a decline in general economic activity or recession in the U.S. and/or global economies, extensive regulation of our business, pending or future legal proceedings, ability to maintain gaming licenses and concessions, dependence on key employees, general global political conditions, adverse tourism trends, travel disruptions caused by events outside of our control, dependence on a limited number of resorts, competition in the casino/hotel and resort industries, uncertainties over the development and success of new gaming and resort properties, construction and regulatory risks associated with current and future projects (including Wynn Al Marjan Island), cybersecurity risk and our leverage and ability to meet our debt service obligations. Additional information concerning potential factors that could affect Wynn Resorts’ financial results is included in Wynn Resorts’ Annual Report on Form 10-K for the year ended December 31, 2022, as supplemented by Wynn Resorts’ other periodic reports filed with the Securities and Exchange Commission from time to time. Neither Wynn Resorts nor Wynn Las Vegas, LLC are under any obligation to (and expressly disclaim any such obligation to) update or revise their forward-looking statements as a result of new information, future events or otherwise, except as required by law.
Contacts
Price Karr
702-770-7555
investorrelations@wynnresorts.com