WYNN RESORTS, LIMITED (NASDAQ:WYNN) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
Entry into a Material Definitive Agreement.
The information set forth in Item 1.01 of this report is incorporated herein by reference.
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Item 1.01 |
Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant. |
As previously disclosed, on October 30, 2018, Wynn Resorts, Limited (the “Company”), and certain subsidiaries of the Company entered into a Credit Agreement (the “Credit Agreement”) with Deutsche Bank AG New York Branch (“Deutsche Bank”), as administrative agent and as collateral agent, and the lenders party thereto. The Credit Agreement provides for a six-year term loan facility to the Company in an aggregate principal amount of $500 million (the “Term Loan”). The Term Loan bears interest at LIBOR plus 2.25% per annum.
On March 8, 2019, the Company, certain subsidiaries of the Company, Deutsche Bank, as administrative agent, and certain incremental term facility lenders entered into an Incremental Joinder Agreement No. 1 (the “Incremental Joinder Agreement”) that amends the Credit Agreement to, among other things, provide the Company with an additional $250 million of term loans (the “Additional Term Loans”), on substantially similar terms as the Term Loan. The Company intends to use the net proceeds of the Additional Term Loans for general corporate purposes, including without limitation, repurchases of the Company’s common stock, investments in subsidiaries, and/or capital expenditures.
The foregoing description of the Incremental Joinder Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the agreement, a copy of which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019.
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Item 1.01 |
Regulation FD Disclosure. |
As previously disclosed, on September 19, 2018, the Company entered into a commitment letter providing for a 364-day term loan facility to the Company in an aggregate principal amount of up to $750 million (as subsequently amended and restated to add additional lenders, the “Commitment Letter”). On October 24, 2018, the Company agreed to terminate $500 million of the lenders’ commitments under the Commitment Letter. On March 8, 2019 in connection with the Additional Term Loans, the Company agreed to terminate the remaining $250 million of the lenders’ commitments under the Commitment Letter. Accordingly, there are no remaining commitments under the Commitment Letter.
The information furnished in this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
About WYNN RESORTS, LIMITED (NASDAQ:WYNN)
Wynn Resorts, Limited is a developer, owner and operator of destination casino resorts that integrate accommodations and a range of amenities, including dining outlets, retail offerings, entertainment theaters and meeting complexes. The Company operates through two segments: Macau Operations and Las Vegas Operations. In Macau, it owns interest in Wynn Macau, Limited and operates Wynn Macau and Encore at Wynn Macau. Its integrated Macau resort of Wynn Macau and Encore at Wynn Macau features approximately 284,000 square feet of casino space with over 460 table games and over 710 slot machines. In Las Vegas, Nevada, it owns and operates Wynn Las Vegas and Encore at Wynn Las Vegas. Its integrated Las Vegas resort of Wynn Las Vegas and Encore at Wynn Las Vegas features approximately 186,000 square feet of casino space with over 230 table games and approximately 1,870 slot machines. In addition, the Company is developing an integrated casino resort in Everett, Massachusetts.