Pricing surfaces on Wynn Resorts Macau's $764 million credit facility

By Sara Rosenberg

New York, Sept. 16 - Pricing on Wynn Resorts Macau recently completed $764 million senior secured credit facility emerged, with the new term loan initially priced at Libor plus 300 basis points and the new revolver at Libor plus 250 bps, according to an 8-K filed with the Securities and Exchange Commission Friday.

Pricing on the term loans will step down to Libor plus 275 bps once the resort opens, the filing added.

More specifically, the facility consists of $729 million of term loans due September 2011, a HK$156 million term loan facility due September 2011 and a HK$117 million revolver due September 2007.

Banc of America Securities Asia Ltd., Deutsche Bank Hong Kong Branch and Société Générale Asia Ltd. were global coordinating lead arrangers on the deal. Banco Nacional Ultramarino provided the HK$117 million revolver.

Proceeds are being used to fund the development and construction of a destination casino resort in the Macau Special Administrative Region of the People's Republic of China.

Originally, the company had secured $397 million in senior secured financing for the resort, but with the expansion of the project plans, the debt facility was expanded as well.

The original project used 11 of a total site area of 16 acres of land and included 600 hotel rooms and suites, 100,000 square feet of casino gaming space, seven restaurants, 28,000 square feet of retail space, a spa, a salon and entertainment facilities. The expansion will include an additional 75,000 square feet of casino space, two restaurants, a theater, and a dramatic front feature attraction.

Wynn Macau is expected to be completed and opened to the public in the third quarter of 2006, with the expansion to follow in the third quarter of 2007.

The deal closed Wednesday.

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