Wynn Resorts, Limited (Nasdaq: WYNN) has priced a public secondary offering 9,600,000 shares, down from the 7 million shares originally planned. The secondary offering was priced at $19.00 per share. Wynn Resorts intends to use the proceeds for general corporate purposes, including repayment of debt. These shares were also sold under an existing shelf registration.
The net proceeds to Wynn Resorts after discounts, commissions, and expenses is approximately $175 million. Underwriters in the deal are Deutsche Bank and Merrill Lynch as joint book runners, with co-managers listed as JPMorgan Securities, Moelis & Company, and Wachovia Capital Markets. Wynn Resorts granted an option to purchase up to an additional 1,440,000 shares of common stock over the next 30 days. Moelis & Company served as financial adviser to the Wynn in connection with this transaction.
As of the end of 2008, Wynn had more than $1.1 billion in cash. It also had almost $4.3 billion in direct long-term debt.
Wynn was trading north of $21.00 as recently as yesterday and closed at $19.65 yesterday. Its 52-week trading range is $14.50 to $119.74. Shares are down 3% right after the open, at $19.00.
JON C. OGG
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