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
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
