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LAS VEGAS-Wynn Resorts on Monday said it has gained a fifth amendment to its credit agreement, this one allowing it to sell up to $500 million of new senior secured notes. The caveat is that 75% of the net cash proceeds be applied to pay down its debt.

Wynn Resorts is preparing for an initial public offering of its Macau operations on the Hong Kong Stock Exchange. The offering, of a 20% stake in the operations, are expected to generate proceeds of more than $1 billion. The shares are expected to begin trading in early October after a three-week marketing campaign.

Last week, Wynn received approval from Hong Kong Stock Exchange regulators for the IPO and filed a required disclosure statement detailing its Asian operations. For that story, click here.

The group of lenders under its credit agreement includes Deutsche Bank Trust Company Americas; Deutsche Bank Securities Inc.; Banc of America Securities LLC; Bank of America NA; JP Morgan Securities Inc.; JPMorgan Chase Bank NA; SG Americas Securities LLC; Société Générale; Bank of Scotland; HSH Nordbank AG; Royal Bank of Scotland PLC; Wachovia Bank; and the several banks.

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