Wynn Prices $900M Senior Notes at 6.875% to Refinance 2027 Debt
WYNN is trading near its 52-week low of $88.27 (0.3% above the low).
Summary
Wynn Resorts priced a $900M private offering of 6.875% senior notes due 2035, expected to close September 22. Proceeds will redeem the 5.250% notes due 2027, extending maturity and locking in a higher coupon. The deal follows the September 10 announcement of the offering; pricing terms are now set. This refinancing reduces near-term refinancing risk but increases interest expense. The company is trading near its 52-week low, and the higher coupon reflects current market conditions.
At the time of this announcement, WYNN was trading at $88.56 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $9.1B. The 52-week trading range was $88.27 to $134.72. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.