Wynn Macau Ltd has reduced the conversion price of US$600 million 4.50% convertible bonds issued in 2023, explaining that the change is in response to the interim dividend it announced in August.
In a filing, Wynn said it has, after declaring an interim dividend of HK$0.223 per share, adjusted the conversion price of the bonds from HK$9.02275 to HK$8.67530 – essentially meaning that bondholders will be able to redeem more shares in the company if they choose to convert their bonds.
The move is essentially a means of compensating bondholders because they do not receive the benefit of dividends.
Wynn said the adjustment becomes effective as of Wednesday 16 September, with all other terms and conditions of the convertible bonds to remain unchanged. The company added that the total number of issued shares of the company is 5,300,947,600 shares and that, following the adjustment and assuming full conversion of the bonds, they are convertible into approximately 542,899,957 shares, representing 10.2% of the total issued share capital of the company or 9.3% of the enlarged total issued share capital of the company resulting from the full conversion of the bonds.
Wynn Macau Ltd previously declared the interim dividend, increased from the HK$0.185 interim dividend declared in 1H25 and the HK$0.185 final dividend declared in FY25, after reporting a 570% rise in net profit attributable to owners of the company to HK$1.55 billion (US$198 million) for the period.