Wynn Resorts Announces Completion of Consent Solicitation and Completion of Private Offering of Wynn Las Vegas First Mortgage Notes due 2020 (États-Unis)
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Wynn Resorts Announces Completion of Consent Solicitation and Completion of Private Offering of Wynn Las Vegas First Mortgage Notes due 2020 (États-Unis)
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Catégorie : Monde - États-Unis - Économie du secteur
- Chiffres et études
Ceci est un communiqué de presse sélectionné par notre comité éditorial et mis en ligne gratuitement le 06-08-2010
Wynn Resorts, Limited (NASDAQ: WYNN) announced today that its subsidiary, Wynn Las Vegas, LLC (the "Company"), has received the requisite consents from holders of the 6 5/8% First Mortgage Notes due 2014 (the "2014 Notes"), issued by the Company and Wynn Las Vegas Capital Corp. (together with the Company, the "Issuers"), in connection with its consent solicitation (the "Consent Solicitation") to amend the indenture and related documents pursuant to which the 2014 Notes were issued. On or prior to 5:00 p.m., New York City time, on August 3, 2010 (the "Consent Date"), valid tenders had been received with respect to approximately $987,040,000 of the $1,317,990,000 aggregate principal amount of 2014 Notes outstanding.
Subject to the terms and conditions of the tender offer, the Company has accepted for payment all 2014 Notes validly tendered and not validly withdrawn on or prior to the Consent Date. On August 4, 2010, tendering holders received the tender offer consideration in the amount of $1,004.38, plus a consent payment in the amount of $30, for each $1,000 principal amount of 2014 Notes. The tender offer will expire at 8:00 a.m., New York City time, on August 18, 2010, unless extended by the Company.
In connection with the expiration of the Consent Solicitation, on August 4, 2010, the Issuers entered into the Third Supplemental Indenture (the "Third Supplemental Indenture") to the indenture pursuant to which the 2014 Notes were issued. The Third Supplemental Indenture became operative when the Company accepted for payment the 2014 Notes and related consents tendered on or prior to the Consent Date. The Third Supplemental Indenture amended the indenture to eliminate substantially all of the restrictive covenants and certain events of default from the indenture, and directs the trustee to enter certain amendments to the related intercreditor agreement.
On August 4, 2010, the Issuers also completed their previously announced offering of $1,320,000,000 aggregate principal amount of 7¾% First Mortgage Notes due 2020. The Company plans to use the net proceeds of the offering along with the proceeds of a capital contribution from Wynn Resorts, Limited to purchase, and pay consent payments for, any and all of the Issuers' 2014 Notes that are validly tendered and accepted for payment pursuant to the tender offer and consent solicitation.
In addition, the Company has completed the seventh amendment to its senior secured credit agreement. Among other things, the amendment:
provides approximately $248,000,000 in new term loans maturing August 2015;
extends the maturity of a portion of the lenders' revolving commitments from July 2013 to July 2015 and, after June 30, 2013, increases the interest rate applicable to revolving loans for which the maturity was extended;
extends the maturity of a portion of the lenders' term loans from August 2013 to August 2015 and increases the interest rate applicable to revolving loans for which the maturity was extended;
eliminates the maximum leverage ratio covenant; and
provides additional flexibility with respect to the Company's minimum interest coverage ratio covenant.
Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc. are acting as the exclusive dealer managers and solicitation agents; Global Bondholder Services Corporation is acting as the information agent; and U.S. Bank National Association is acting as depositary in connection with the tender offer and consent solicitation. Copies of the Offer to Purchase and Consent Solicitation Statement, Letter of Transmittal and Consent, and other related documents may be obtained from the information agent at 866-294-2200 (toll free) or 212-430-3774. Additional information concerning the terms of the offer and consent solicitation may be obtained by contacting Deutsche Bank Securities Inc. at 800-553-2826 (U.S. toll free) or 212-250-4270 (collect) or J.P. Morgan Securities Inc. at 800-245-8812 (U.S. toll free).
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