Wynn Resorts (NASDAQ: WYNN) announced that its Wynn Resorts Finance (WRF) unit sold $600 million worth of corporate debt maturing in 2031 in a private offering. Those bonds carry a coupon of 7.125%.
The casino operator is using proceeds from that sale to commence a tender offer for WRF notes coming due in 2025. The remaining capital will be used to purchase any of those bonds that are still outstanding and to pay fees and expenses related to the transaction.
The Tender Offer is scheduled to expire at 5:00 P.M., New York City time, on February 15, 2023 unless extended or earlier terminated,” according to a statement issued by the gaming company. “Holders who validly tender their 2025 Notes prior to the Expiration Time will be eligible to receive $1,024.50 for each $1,000 principal amount of 2025 Notes.”
It’s standard practice for corporate debt issuers to provide compensation to bondholders when redeeming bonds before maturity.
The casino operator is using proceeds from that sale to commence a tender offer for WRF notes coming due in 2025. The remaining capital will be used to purchase any of those bonds that are still outstanding and to pay fees and expenses related to the transaction.
The Tender Offer is scheduled to expire at 5:00 P.M., New York City time, on February 15, 2023 unless extended or earlier terminated,” according to a statement issued by the gaming company. “Holders who validly tender their 2025 Notes prior to the Expiration Time will be eligible to receive $1,024.50 for each $1,000 principal amount of 2025 Notes.”
It’s standard practice for corporate debt issuers to provide compensation to bondholders when redeeming bonds before maturity.
