Long-Term Debt

6 Months Ended

Jun. 30, 2016

Long-term debt consisted of the following (in thousands):



	June 30, 2016		December 31, 2015
5 3/8% First Mortgage Notes, due March 15, 2022, net of debt issuance costs of $7,257 at June 30, 2016 and $7,791 at December 31, 2015	$	892,743	$	892,209
4 1/4% Senior Notes, due May 30, 2023, net of debt issuance costs of $3,003 at June 30, 2016 and $3,183 at December 31, 2015	496,997		496,817
5 1/2% Senior Notes, due March 1, 2025, net of debt issuance costs of $22,534 at June 30, 2016 and $23,527 at December 31, 2015	1,777,466		1,776,473
	3,167,206		3,165,499
Current portion of long-term debt	—		—
	$	3,167,206	$	3,165,499

First Mortgage Notes due 2020

On February 10, 2015, the Issuers commenced a cash tender offer for any and all of the outstanding aggregate principal amounts of the 7 7/8% First Mortgage Notes due May 1, 2020 and the 7 3/4% First Mortgage Notes due August 15, 2020 (the "2020 Notes"). The premium portion of the aggregate total consideration was $101.2 million and was recorded as a loss on extinguishment of debt in the accompanying Condensed Consolidated Statements of Comprehensive Income (Loss). In connection with the cash tender, the Company expensed $17.3 million of unamortized deferred financing costs and original issue discount related to the 2020 Notes and incurred other fees of $0.1 million that are included in loss on extinguishment of debt in the accompanying Condensed Consolidated Statements of Comprehensive Income (Loss).

On May 1, 2015, the Company redeemed the remaining $71.1 million principal amount of the untendered 7 7/8% First Mortgage Notes due May 1, 2020. The Company recorded a loss for the premium portion of the consideration of $2.8 million and expensed $1.0 million of unamortized deferred financing costs and original discount that are included in loss on extinguishment of debt in the accompanying Condensed Consolidated Statements of Comprehensive Income (Loss).

Debt Covenant Compliance

As of June 30, 2016, management believes the Company was in compliance with all debt covenants.

Fair Value of Long Term Debt

The estimated fair value of the Company's long-term debt as of June 30, 2016 and December 31, 2015 was $3.11 billion and $2.93 billion, respectively, compared to its carrying value, excluding debt issuance costs, of $3.20 billion. The estimated fair value of the Company's long-term debt is based on recent trades, if available, and indicative pricing from market information (Level 2 inputs).

WYNN LAS VEGAS LLC 10-Q