Wynn Resorts subsidiary amends $615M term loan to replace LIBOR with SOFR

WYNN RESORTS LTD

Borrowers (50.1% Wynn subs) amended $615M secured loan to replace LIBOR with SOFR, effective July 3, 2023.
New SOFR Rate = Adjusted Daily Simple SOFR + 1.70% spread, plus 0.10% adjustment; floor set at 0%.
Loan secured by ~160,000 sq ft retail at Wynn Las Vegas; principal amount unchanged.
Amendment includes conforming changes and a Benchmark Replacement mechanism if SOFR becomes unavailable.
Transition aligns with market LIBOR phase-out; no immediate interest cost impact if rates comparable.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

WYNN RESORTS LTD amended Second Amendment with United Overseas Bank Limited, New York Agency and the lenders party thereto valued at $615,000,000 (effective 2023-07-03).

Action: amendment
Agreement: credit facility
Counterparty: United Overseas Bank Limited, New York Agency and the lenders party thereto
Value: $615,000,000
Effective: 2023-07-03

Exact text from the filing

On June 2, 2023, Wynn/CA Plaza Property Owner, LLC and Wynn/CA Property Owner, LLC (collectively, the "Borrowers") entered into a second amendment (the "Second Amendment") to their existing term loan agreement (the "Term Loan Agreement") with United Overseas Bank Limited, New York Agency, as administrative agent, and the lenders party thereto.

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Source: SEC EDGAR

accession 0001174922-23-000120

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