Company to Sell Junk Bonds
Las Vegas Sun
LAS VEGAS -- Wynn Resorts Ltd. plans to sell $1.1 billion of junk bonds in the U.S. as some investors and analysts say the two-year rally in high-yield, high-risk securities may be over.
Wynn Resorts will use proceeds from the sale of the 10-year notes to pay debt and to help fund an expansion of its Wynn Las Vegas project set to open next year, Standard & Poor's said. The offering is rated B2 by Moody's Investors Service and B+ by S&P, five levels and four levels below investment-grade.
Goldman Sachs Group Inc. and Moody's are advising investors to sell some of their high-yield, high-risk bonds holdings after the debt returned 28 percent in 2003 and 9.35 percent this year.
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