Wynn Refinances Debt

LAS VEGAS -- A subsidiary of Wynn Resorts Ltd. on Tuesday issued $1.3 billion in first mortgage notes with interest rates 6.625 percent and maturing in 2014, according to a filing with the Securities and Exchange Commission.

Wynn Resorts expects to open the Wynn Las Vegas megaresort in April.

Also Tuesday, the company entered into an agreement to obtain a $600 million revolving credit facility and a $400 million term loan. The revolving credit facility will terminate and be payable in full in five years and the term loan will mature in seven years. The Wynn Las Vegas subsidiary is required to draw half of the term loans by February 14 and the remainder by March 14.

The loans are secured through several avenues including a reserve account, mortgages on the company's Wynn Las Vegas resort and future assets of the company.

In the process, the company also repaid about $458.6 billion in an older senior credit facility as well as more than $400 million in other debt.

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