Wynn Macau Ltd said Tuesday it had completed its offering of US$1.0 billion aggregate principal amount of 6.750% senior notes due 2034, with the company having now applied to the Hong Kong Stock Exchange for permission to list and deal in the notes.
In a series of filings, Wynn revealed it would receive net proceeds of approximately US$989 million from the offering, with net proceeds to be used primarily to pay down debt. Specifically, the company intends to repay amounts outstanding under its WM Cayman II Revolver and one or more series of existing Wynn Macau Ltd senior notes.
Under the terms of the offering, Wynn explained that it may at any time prior to 15 August 2028 use the net cash proceeds from other equity offerings to redeem up to 35% of the aggregate principal amount of the notes at a redemption price of 106.750% of the aggregate principal amount of the Notes, plus accrued and unpaid interest.
It may also redeem the notes in whole at a redemption price equal to the greater of 100% of the aggregate principal amount of the notes to be redeemed, or a make-whole amount as determined by an independent investment banker.
On or after 15 August 2028, Wynn Macau Ltd may redeem the notes in whole or in part at a premium decreasing annually from 103.375% of the applicable principal amount to 100%, plus accrued and unpaid interest.
Some of the proceeds of this offering may be used for general corporate purposes, the company addd.
Wynn revealed during its recent 2Q25 earnings call that it expects to spend up to US$750 million through the end of 2026 on a series of upgrade and expansion projects at its Macau resorts, including development of a new large-scale events center at Wynn Palace plus upgrades to its premium gaming space at Wynn Palace and hotel room inventory at Wynn Macau.
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