WYNMAC 4.875% 01Oct2024 Corp (USD)

Bond Factsheet

Matured/ Called

Wynn Macau, Limited

Indicative

Full Lot

Bid Price

99.959

Change in Bid Price

0.003

Bid Yield (%)

Change in Bid Yield

Ask Price

100.089

Change in Ask Price

remove 0.001

Ask Yield (%)

Change in Ask Yield

Indicative price as of 01 Oct 2024, 12:00am

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Bond Information

Wynn Macau, Limited owns and operates Wynn Macau, a destination casino resort currently featuring hotel rooms and suites, a casino, casual and fine dining restaurants, retail space and leisure amenities.

Bond Issuer

Wynn Macau, Limited

Guarantor

Announcement Date

13 Sep 2017

Issue Date

20 Sep 2017

Maturity Date

01 Oct 2024

Years to Maturity / Next Call

- / -

Modified Duration

Issue / Reoffer Price

100.000

Issue / Reoffer Yield

4.875

Coupon Type

Fixed

Annual Coupon Rate

4.875

Coupon Frequency

Semi Annually

Seniority

Senior Unsecured

Reference Rate

ISIN

USG98149AC46

CUSIP

AP1031586

Bond Currency

USD

Total Issue Size

600,000,000

Min. Investment Quantity (Nominal)

USD 200,000

Incremental Quantity (Nominal)

USD 1,000

Bond Type

High Yield Corporate

Bond Sector

Consumer Discretionary

Bond Sub Sector

Hotels Restaurants and Leisure

Issuer Credit Rating (S&P/ Fitch)

***/ BB-

Bond Credit Rating (S&P/ Fitch)

***/ BB-

Shariah Compliant

Exchange Listed

HKEX

Bond Feature(s)

Issuer Call

On or after October 1, 2020, Wynn Macau may on any one or more occasions redeem all or a part of the 2024 Notes, upon not less than 10 nor more than 60 days' notice, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, if any, on the 2024 Notes redeemed, to (but excluding) the applicable date of redemption, if redeemed during the twelve-month period beginning on of the years indicated below, subject to the rights of holders of 2024 Notes on the relevant record date to receive interest on the relevant interest payment date:

Period	Redemption Price
On or after October 1, 2020	102.438%
On or after October 1, 2021	101.219%
October 1, 2022 and thereafter	100.000%

Make Whole Call

At any time prior to October 1, 2020, Wynn Macau may on any one or more occasions redeem all or part of the 2024 Notes, upon not less than 10 nor more than 60 days' notice, at a redemption price equal to the greater
of:

100% of the principal amount of the 2024 Notes to be redeemed; or
as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal and interest on the 2024 Notes to be redeemed (not including any portion of such payments of interest accrued to (but excluding) the date of redemption) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 50 basis points, plus, in either of the above cases, accrued and unpaid interest to (but excluding) the date of redemption on the 2024 Notes to be redeemed.

Change Control Put

If a Change of Control Triggering Event occurs, each holder of the Notes will have the right to require Wynn Macau to repurchase all or any part (equal to US$200,000 or an integral multiple of US$1,000 in excess of US$200,000) of that holder's Notes pursuant to a Change of Control Offer on the terms set forth in the applicable Indenture. In the Change of Control Offer, Wynn Macau will offer a payment (the "Change of Control Payment") in cash equal to 101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest on the Notes repurchased to (but excluding) the date of purchase (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date), except to the extent Wynn Macau has previously or concurrently elected to redeem the applicable Notes in full as described under "-Optional Redemption" or "-Redemption for Taxation Reasons."

"Change of Control" means the occurrence of any of the following:

(1) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of Wynn Macau and its Subsidiaries, taken as a whole, to any "person" (as that term is used in Section 13(d)(3) of the Exchange Act), other than to the Principal or a Related Party of the Principal;

(2) the adoption of a plan relating to the liquidation or dissolution of Wynn Macau or any successor thereto;

(3) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any "person" (as defined in clause (1) above), other than the Principal and any of his Related Parties becomes the Beneficial Owner, directly or indirectly, of more than 50% of the outstanding Voting Stock of Wynn Resorts, measured by voting power rather than number of Equity Interests;

(4) the first day on which a majority of the members of the Board of Directors of Wynn Macau are not Continuing Directors;

(5) the first day on which Wynn Macau ceases to own, directly or indirectly, at least 60% of the outstanding Equity Interests of (and at least a 60% economic interest in) the Concessionaire; or

(6) the 30th day following the date on which Wynn Macau ceases to be entitled to use the "WYNN" trademark.

"Change of Control Offer" has the meaning assigned to that term in the applicable Indenture.

"Change of Control Triggering Event" means the occurrence of a Change of Control and, if the Notes are rated by both Rating Agencies, a Ratings Event.

Equity Call

At any time prior to October 1, 2020, Wynn Macau may on any one or more occasions redeem up to 35% of the aggregate principal amount of the 2024 Notes issued under the 2024 Notes Indenture at a redemption price of 104.875% of the principal amount, plus accrued and unpaid interest, if any, and Additional Amounts if any, to but excluding the redemption date, with the net cash proceeds of one or more Equity Offerings; provided that:

(1) at least 65% of the aggregate principal amount of the 2024 Notes originally issued under the 2024 Indenture (excluding the 2024 Notes held by Wynn Macau and its Subsidiaries) remains outstanding immediately after the occurrence of such redemption; and

(2) the redemption occurs within 45 days of the date of the closing of such Equity Offering.

Holder Put

Special Put Option Triggering Event

Upon the occurrence of (1) any event after which none of the Company or any Subsidiary of the Company has such licenses, concessions, subconcessions or other permits or authorizations as are necessary for the Company and its Subsidiaries to own or manage casino or gaming areas or operate casino games of fortune and chance in Macau in substantially the same manner and scope as the Company and its Subsidiaries are entitled to at the Issue Date, for a period of ten consecutive days or more, and such event has a material adverse effect on the financial condition, business, properties, or results of operations of the Company and its Subsidiaries, taken as a whole; or (2) the termination, rescission, revocation or modification of any Gaming License which has had a material adverse effect on the financial condition, business, properties, or results of operations of the Company and its Subsidiaries, taken as a whole, each holder of the Notes will have the right to require the Company to repurchase all or any part of such holder's Notes at a purchase price in cash equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, and Additional Amounts, if any, to but excluding the date of repurchase.

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