Wynn Macau hits 3-month low on $600 mln convertible bonds issue

Wynn Macau

03/03/2023 03:42

** Shares of casino and resort operator Wynn Macau Ltd
 1128.HK  fall as much as 7.2% to HK$7.50 in the second session
of losses, their lowest since Dec 6, 2022 
    ** Stock set for the biggest daily pct drop since Jan 30. if
losses hold, and is fourth-biggest pct loser in Hang Seng
Composite Index  .HSCI  
    ** Wynn Macau plans to issue $600 mln 4.5% convertible bonds
due 2029, raising proceeds for general corporate purposes 
    ** The bonds are convertible into 459.8 mln new shares,
representing 8.1% of the enlarged share capital, at a conversion
price of HK$10.24 each  
    ** Citi maintains "buy" rating on Wynn Macau saying the net
proceeds raised from the convertible bonds is expected to
partially repay bank loan 
    ** Citi says 2M23 operational outlook provided by management
shows continued strength in February and comes in better than
forecasts
    ** The Hang Seng Commerce & Industry Index  .HSNC  climbs
0.8%, while the Hang Seng Composite Index  .HSCI  and the Hang
Seng Index  .HSI  both gain 0.6%
    

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))