LAS VEGAS--(BUSINESS WIRE)--Feb. 10, 2015--
Wynn Resorts, Limited (NASDAQ:WYNN) announced today that its indirect
wholly owned subsidiary, Wynn Las Vegas, LLC, has commenced a cash
tender offer (the “Tender Offer”) for any and all its outstanding
$1,226.6 million aggregate principal amount of 7¾% First Mortgage Notes
due 2020 (the “7¾% Notes “) and any and all of its outstanding $377.01
million aggregate principal amount of 7⅞% First Mortgage Notes due 2020
(the “7⅞% Notes” and, together with the 7¾% Notes, the “2020 Notes”).
The Tender Offer is scheduled to expire at midnight, New York City time,
in the evening of February 17, 2015 unless extended or earlier
terminated (such time, as may be extended, the “Expiration Time”).
Holders who validly tender their 2020 Notes prior to the Expiration Time
will be eligible to receive $1,073.82 for each $1,000 principal amount
of 7¾% Notes and $1,054.21 for each $1,000 principal amount of 7⅞% Notes.
Tendered 2020 Notes may not be withdrawn, except as may be required by
applicable law. Completion of the Tender Offer is subject to certain
market and other conditions, including the completion by Wynn Las Vegas,
LLC and Wynn Las Vegas Capital Corporation (the “issuers”) of an
offering of senior notes on terms and conditions satisfactory to the
issuers. Settlement of the Tender Offer will occur promptly after the
Expiration Time, unless terminated.
This press release shall not constitute an offer to purchase or the
solicitation of an offer to sell the 2020 Notes. The complete terms and
conditions of the Tender Offer are described in the Offer to Purchase
dated as of February 10, 2015, the related Letter of Transmittal and a
Notice of Guaranteed Delivery, copies of which may be obtained from D.F.
King & Co., Inc., the tender and information agent for the Tender Offer,
by telephone at (800) 591-8236 (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: Krystal Scrudato.
Wynn Las Vegas, LLC has engaged Deutsche Bank Securities Inc. to act as
the dealer manager in connection with the Tender Offer. Questions
regarding the terms of the Tender Offer may be directed to Deutsche Bank
Securities Inc. by telephone at (855) 287-1922 (U.S. toll-free) and
(212) 250-7525 (collect).
This release contains forward-looking statements, including those
related to the tender for 2020 Notes and whether or not Wynn Las Vegas,
LLC will consummate the tender offer. Forward-looking information
involves important risks and uncertainties that could significantly
affect anticipated results in the future, and, accordingly, such results
may differ from those expressed in any forward-looking statements. These
risks and uncertainties include, but are not limited to, competition in
the casino/hotel and resorts industries, the issuers’ dependence on
existing management, levels of travel, leisure and casino spending,
general domestic or international economic conditions, and changes in
gaming laws or regulations. Additional information concerning potential
factors that could affect the issuers’ financial results is included in
Wynn Las Vegas, LLC’s Annual Report on Form 10-K for the year ended
December 31, 2013 and Quarterly Reports on Form 10-Q for the fiscal
quarters ended March 31, 2014, June 30, 2014 and September 30, 2014 and
Wynn Las Vegas, LLC’s and Wynn Resorts, Limited’s periodic reports filed
with the Securities and Exchange Commission. Neither Wynn Resorts,
Limited nor Wynn Las Vegas, LLC are under any obligation to (and
expressly disclaim any such obligation to) update their forward-looking
statements as a result of new information, future events or otherwise,
except as required by law.
Source: Wynn Resorts, Limited
Wynn Resorts, Limited
Stephen Cootey, Chief Financial Officer &