Wynn Resorts gets $1 billion delayed-draw term loan

By Sara Rosenberg

New York, June 21 - Wynn Resorts Ltd. closed on a new $1 billion delayed-draw term loan on Thursday, according to an 8-K filed with the Securities and Exchange Commission.

Deutsche Bank and Bank of America acted as the joint lead arrangers on the deal.

Pricing on the loan is Libor plus 200 basis points if the company's net liquidity is equal to or greater than $400 million, and Libor plus 225 bps if net liquidity is less than $400 million.

The loan is delayed-draw until Dec. 3 and matures on June 21, 2010.

There is a $250 million accordion feature.

Proceeds are available to fund the company's equity repurchase program and for general corporate purposes.

Wynn is a Las Vegas-based developer, owner and operator of destination casino resorts.

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