Wynn Resorts Announces Commencement of Tender Offer for Cash by Wynn Las Vegas, LLC for Any & All of its 7¾% First Mortgage ...
11 February 2015 - 1:00AM
Business Wire
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Tendered 2020 Notes may not be withdrawn, except as may be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, at
http://www.dfking.com/wynn, 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).
Forward-Looking Statements
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.
Wynn Resorts, LimitedStephen Cootey, Chief Financial Officer
& Treasurer702-770-7000investorrelations@wynnresorts.com
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