LAS VEGAS--(BUSINESS WIRE)--Feb. 11, 2015--
Wynn Resorts, Limited (NASDAQ: WYNN) announced today the pricing by Wynn
Las Vegas, LLC and Wynn Las Vegas Capital Corp. (the “issuers”), each an
indirect wholly-owned subsidiary of Wynn Resorts, Limited, of $1.8
billion aggregate principal amount of 5.5% Senior Notes due 2025 (the
“Notes”). The Notes will be issued at par. Wynn Las Vegas, LLC plans to
use the net proceeds from the offering to purchase any and all of the
issuers’ outstanding $1,226.6 million aggregate principal amount of 7¾%
First Mortgage Notes due 2020 (the “7¾% Notes”) and any and all of the
issuers’ 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”) pursuant to the previously announced cash
tender offer with respect to the 2020 Notes. In addition, Wynn Las
Vegas, LLC intends to satisfy and discharge the indentures governing
each of the 7¾% Notes and 7⅞% Notes and use any remaining net proceeds
from the offering to redeem any 7¾% Notes and 7⅞% Notes not tendered and
for general corporate purposes.
The issuers will make the offering pursuant to an exemption under the
Securities Act of 1933, as amended (the “Securities Act”). The initial
purchasers of the Notes will offer the Notes only to persons reasonably
believed to be qualified institutional buyers in reliance on Rule 144A
under the Securities Act or outside the United States to certain persons
in reliance on Regulation S under the Securities Act. The Notes have not
been and will not be registered under the Securities Act or under any
state securities laws. Therefore, the issuers may not offer or sell the
Notes within the United States to, or for the account or benefit of, any
United States person unless the offer or sale would qualify for a
registration exemption from the Securities Act and applicable state
securities laws.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the Notes described in this press
release, nor shall there be any sale of the Notes in any state or
jurisdiction in which such an offer, sale or solicitation would be
unlawful prior to registration or qualification under the securities
laws of any such jurisdiction.
Forward-Looking Statements
This release contains forward-looking statements, including those
related to the offering of Notes and whether or not the issuers will
consummate the offering. 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 other periodic reports filed with the
Securities and Exchange Commission. Neither Wynn Resorts, Limited nor
the issuers 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 &
Treasurer
702-770-7000
investorrelations@wynnresorts.com
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