Wynn Resorts (NASDAQ: WYNN) announced today it’s selling $900 million in corporate debt maturing in 2035 in a private offering.
The sale is being driven by the casino operator’s Wynn Resorts Finance, LLC and Wynn Resorts Finance units. Those entities are described as “each an indirect wholly-owned subsidiary of Wynn Resorts.” The offering is aimed at redeeming Wynn Las Vegas debt coming due next year.
“The Notes and guarantees will be effectively subordinated to all of the Issuers’ and the Guarantors’ existing and future secured debt (to the extent of the value of the collateral…