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Wynn Macau enters new US$1.5 billion revolving credit facility

Ben Blaschke by Ben Blaschke
Fri 17 Sep 2021 at 06:13
Wynn Macau

Wynn Macau

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Wynn Resorts subsidiaries Wynn Macau Ltd and WM Cayman Holdings Limited II have entered into a new US$1.5 billion facility agreement with a syndicate of lenders, to be issued in two separate tranches and with the option of increasing the facility by an additional US$1 billion.

According to an overnight filing by Wynn Resorts, borrowings under the facility agreement will be used to refinance certain indebtedness of Wynn Macau and its subsidiaries, to pay the financing costs, fees and expenses in respect of the revolving facility, to fund ongoing working capital needs and for general corporate purposes.

The facility will comprise one tranche of US$312.5 million and another of HK$9.26 billion, both payable to WM Cayman II as borrower, with Wynn Macau as guarantor. The additional US$1 billion will be available upon the satisfaction of various conditions.

The final maturity of all outstanding loans under the revolving facility is 16 September 2025, Wynn said.

Wynn Macau recently reported a loss of US$49.6 million for the three months to 30 June 2021, narrowed from a loss of US$75 million in Q1 but still heavily impacted by the COVID-19 pandemic.

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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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