LAS VEGAS--(BUSINESS WIRE)--May 4, 2017--
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 of its outstanding
$900 million aggregate principal amount of 5.375% First Mortgage Notes
due 2022 (the “2022 Notes”).
The Tender Offer is scheduled to expire at 5:00 P.M., New York City
time, on May 10, 2017 unless extended or earlier terminated (such time,
as may be extended, the “Expiration Time”). Holders who validly tender
their 2022 Notes prior to the Expiration Time will be eligible to
receive $1,029.35 for each $1,000 principal amount of 2022 Notes.
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 Corp. (the “issuers”) of new debt financing on terms and
conditions satisfactory to the issuers. Settlement of the Tender Offer
is expected to occur one business day following the Expiration Time,
unless terminated (other than with respect to Notes tendered pursuant to
the guaranteed delivery procedures described in the Offer to Purchase,
with respect to which settlement is expected to occur three business
days after the Expiration Time).
Tendered Notes may be withdrawn at any time at or prior to the
Expiration Time. Tendered Notes may be withdrawn at any time after the
60th business day after commencement of the Tender Offer if for any
reason the offer has not been consummated within 60 business days after
commencement.
This press release shall not constitute an offer to purchase or the
solicitation of an offer to sell the 2022 Notes. The complete terms and
conditions of the Tender Offer are described in the Offer to Purchase
dated as of May 4, 2017, 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, at http://www.dfking.com/wynn,
by telephone at (800) 967-0271 (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: Andrew Beck.
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) 250-7527 (collect).
Forward-Looking Statements
This release contains forward-looking statements, including those
related to the tender for 2022 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, 2016 and Quarterly Report on Form 10-Q for the fiscal
quarter ended March 31, 2017 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170504005780/en/
Source: Wynn Resorts, Limited
Wynn Resorts, Limited
Craig Billings, Chief Financial Officer &
Treasurer
702-770-7000
investorrelations@wynnresorts.com
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