Wynn Resorts boosts public offering to 8M shares - 14th November 2008

Wynn Resorts raises public offering to 8M shares, prices offer at $43.50 each
NEW YORK (Associated Press) - Casino company Wynn Resorts Ltd., which is run by billionaire Steve Wynn, said late Thursday it has boosted the size of its public stock offering to 8 million shares and priced the offering at $43.50.

Earlier Thursday, Wynn Resorts said it planned a smaller offering of 5 million newly issued common shares to meet the expected demand for its stock when the company joined the Standard & Poor's 500 index. S&P was expected to replace chemical maker Ashland Inc. with Wynn Resorts after the close of business on Thursday.

Wynn Resorts plans to use the proceeds for general corporate purposes, including debt repayment.

Deutsche Bank Securities Inc. and Banc of America Securities LLC are acting as joint book running managers and underwriters for the share offering. Wynn Resorts has granted the underwriters an option to buy up to 1.2 million additional shares to cover any overallotments.

According to a Securities and Exchange Commission filing, Wynn Resorts had 104 million shares outstanding as of Oct. 31. The offering is expected to close Tuesday.

Also Thursday, Wynn Resorts reported that it revised its agreement with Deutsche Bank, allowing the company to repurchase up to $650 million of debt.

Wynn Resorts shares closed at $44.76 on Thursday, but lost $1.26, or 2.8 percent, in premarket trading Friday.

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