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Wynn Bets on Cheap Loan Deal

14 Jun 2004

MACAU – As reported by the China Standard: "Underwriters for a US$397 million loan facility to be used for the construction of Wynn Resorts (Macau)'s first hotel and casino project in the enclave are offering lower pricing than similar deals in recent history.

"According to the latest issue of newsletter basispoint, financiers of a US$382 million seven-year construction loan and a HK$117 million three-year working capital revolving credit facility are offered prices of 375 basis points and 295 bps, respectively. This is inclusive of the margin and fees payable to the underwriters.

"…Wynn Resorts, the US-listed vehicle of fellow Las Vegas mogul Steve Wynn, paid more than 400 bps for its US$1 billion deal in October 2002.

"According to the newsletter, the construction loan is split into two tranches, a loan for building only the hotel and a project-financing loan that can be used to fund the construction of either the casino or the hotel.

"…In a US Securities and Exchange Commission filing, Wynn Resorts and its Macau unit said Deutsche Bank, Hong Kong and Societe Generale Asia are the global co-ordinating lead arrangers for the US$397 million financing deal…"

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