Wynn Resorts (WYNN) Completes Amendment to Senior Secured Credit Agreement
Wynn Resorts, Limited (NASDAQ: WYNN) announced that it has successfully completed an amendment of Wynn Las Vegas, LLC's senior secured credit agreement. Among other things, the amendment:
Waives leverage covenants until June 2011 and increases leverage thresholds thereafter;
Provides additional flexibility with respect to Wynn Las Vegas' interest coverage ratios;
Extends the maturity on approximately $610 million of the remaining $697 million revolving commitments from August 2011 to July 2013; and
Removes the dollar cap on the equity cure for covenant calculations over the life of the loan.
In exchange for the approximate 2 year maturity extension and covenant relief, Wynn Las Vegas agreed to reduce its revolving commitments to approximately $697 million and increase the overall spread on the bank facility from LIBOR + 1.7% to LIBOR + 2.6%.
Wynn Resorts has, on a consolidated basis, over $1.3 billion of available cash and approximately $4.5 billion of Total Long-Term Debt. [SM]
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