Wynn Resorts said its Wynn/CA Plaza Property Owner, LLC and Wynn/CA Property Owner, LLC entered into a third amendment to the existing term loan agreement on October 2, 2024. The term loan has an aggregate principal amount of $615.0 million, and the borrowers are subsidiaries in which Wynn Resorts holds 50.1%.

1. 01

   Wynn Resorts said its Wynn/CA Plaza Property Owner, LLC and Wynn/CA Property Owner, LLC entered into a third amendment to the existing term loan agreement on October 2, 2024. The term loan has an aggregate principal amount of $615.0 million, and the borrowers are subsidiaries in which Wynn Resorts holds 50.1%.

2. 02

   The company said the third amendment extends the scheduled maturity date of the term loan to July 24, 2027. The interest rate is One Month Term SOFR plus a spread of 215 basis points.

3. 03

   The company said the borrowers made a principal prepayment of $15.0 million on the term loan in connection with the third amendment. It also said an interest rate swap agreement maturing in February 2027 effectively caps the variable component of the interest rate through that date at 3.385%.

4. 04

   The company said the borrowers must meet a specified maximum loan to value ratio 1 times a year and certain specified minimum debt yields, and that if the ratio is not met, a mandatory excess cash sweep is triggered. The loan is secured by substantially all of the assets of the borrowers.

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