Wynn Macau announced on Sunday that the net proceeds from the offering of its 5.500 per cent senior notes due 2026 will be approximately US$743.1 million (MOP 5.93 billion) after deducting the discounts and commissions of the initial purchasers and estimated expenses payable by the company.
The gaming operator announced the figure in a statement to the Hong Kong Stock Exchange.
According to the statement, “The company intends to use the net proceeds from the proposed offering for general corporate purposes until business recovers from the effects of the COVID-19 pandemic, and then to facilitate the repayment of a portion of the amounts outstanding under the Wynn Macau Credit Facilities.”
The statement noted that Wynn Macau will seek a listing of the senior notes on the Hong Kong Stock Exchange and has received an eligibility letter from the stock exchange for the listing of the notes.
Wynn Macau conducted an offering of the notes to professional investors on Friday, according to the statement. The Singapore branch of Deutsche Bank has been appointed the sole global coordinator and left lead bookrunner (managing underwriter). The joint bookrunners include Macao-based BNU and the Macau branch of Bank of China (BOC).
According to the statement, the issue date of the notes is June 19. The interest rate is 5.500 per cent per annum payable semi-annually in arrears on January 15 and July 15 of each year. Interest will accrue from June 19. Maturity is January 15, 2026, unless earlier redeemed. First interest payment due date is January 15, 2021.