Gaming operator Wynn Macau announced that it will issue US$1 billion (MOP8 billion) in senior notes due 2029, with a 5.125 per cent per annum interest rate.
The senior notes maturity date is set for December, 2029 with the first interest payment date set for June 2020. Wynn Macau will seek a listing of the notes on the Hong Kong Stock Exchange.
The net proceeds from the offering were said to be approximately US$991.3 million after deducting the discounts and commissions of the Initial Purchasers and estimated offering expenses payable by Wynn Macau.
Wynn Macau entered an agreement on December 10 with Deutsche Bank AG, Singapore Branch as a representative of the purchasing entities, which include local financial entities such as Banco Nacional Ultramarino, S.A.; the Bank of China Limited, Macau Branch; and Industrial and Commercial Bank of China (Macau) Limited.
Other purchasers include Deutsche Bank AG itself, Singapore Branch; BNP Paribas; BOCI Asia Limite; BofA Securities, Inc.; DBS Bank Ltd., J.P. Morgan Securities plc; Scotia Capital (USA) Inc.; SMBC Nikko Securities America, Inc. and the United Overseas Bank Limited, Hong Kong Branch.
Wynn Macau stated it intends to use the net proceeds from the proposed offering to facilitate the repayment of a portion of the amounts outstanding under the its credit facilities, and for general corporate purposes.
These credit facilities include HK$17.97 billion in fully-funded senior term loan facilities and HK$5.85 billion in senior revolving credit facilities extended to Wynn Resorts (Macau) S.A. on September 30, 2015 and subsequently amended from time to time and refinanced on December 21, 2018