October 12, 2009 (FinancialWire) — Two of casino operator Wynn Resorts, Ltd.'s (NASDAQ: WYNN) subsidiaries, Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp. have priced $500 million of new 7.875% First Mortgage Notes due 2017.
The notes will be issued at a discount of 97.823% of par. They will rank pari passu in right of payment with borrowings under Wynn Las Vegas' credit facilities and its outstanding 6.625% first mortgage notes due 2014.
Wynn Las Vegas plans to use the net proceeds of the offering to repay amounts outstanding under its revolving credit facilities and term loan facility.
Las Vegas-based Wynn Resorts owns and operates Wynn Las Vegas and Wynn Macau, both casino resort properties.
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