LAS VEGAS, Aug. 16, 2016 /PRNewswire/ -- MGM Resorts
International (the "Company") (NYSE: MGM) today announced that it
has priced a public offering of $500,000,000 in aggregate principal amount of
4.625% senior notes due 2026 at par. The transaction is
expected to close on August 19,
2016.
The Company intends to use the net proceeds from the offering of
the notes, together with cash on hand, to redeem its 7.625% senior
notes due 2017. Pending such use, the Company may invest the
net proceeds in short-term interest-bearing accounts, securities or
similar investments.
The notes being offered will be general unsecured senior
obligations of the Company, guaranteed by substantially all of the
Company's wholly owned domestic subsidiaries that guarantee the
Company's other senior indebtedness, and equal in right of payment
with all existing or future senior unsecured indebtedness of the
Company and each guarantor.
Barclays Capital Inc., Merrill Lynch, Pierce, Fenner & Smith
Incorporated and J.P. Morgan Securities LLC are acting as joint
physical book-running managers. Citigroup Global Markets
Inc., Deutsche Bank Securities Inc., BNP Paribas Securities Corp.,
Morgan Stanley & Co. LLC, SMBC Nikko Securities America, Inc.,
Credit Agricole Securities (USA),
Inc., Fifth Third Securities, Inc. and SunTrust Robinson Humphrey,
Inc. are acting as joint book-running managers. Scotia
Capital (USA) Inc. and Citizens
Capital Markets, Inc. are acting as co-managers.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state or other jurisdiction.
The offering of the notes will be made under the Company's
existing effective shelf registration statement on file with the
Securities and Exchange Commission ("SEC"). The Company filed a
final prospectus supplement with the SEC for the note offering to
which this communication relates. When available, the final
prospectus supplement may be obtained for free by contacting
Barclays Capital Inc. at 1-888-603-5847 or
barclaysprospectus@broadridge.com.
Statements in this release that are not historical facts are
"forward-looking" statements and "safe harbor statements" within
the meaning of the Private Securities Litigation Reform Act of 1995
that involve risks and/or uncertainties, including those described
in the Company's public filings with the SEC. The Company has based
forward-looking statements on management's current expectations and
assumptions and not on historical facts. Examples of these
statements include, but are not limited to, the completion of the
senior notes offering. These forward-looking statements involve a
number of risks and uncertainties. Among the important factors that
could cause actual results to differ materially from those
indicated in such forward-looking statements include effects of
economic conditions and market conditions in the markets in which
the Company operates and competition with other destination travel
locations throughout the United
States and the world, the design, timing and costs of
expansion projects, risks relating to international operations,
permits, licenses, financings, approvals and other contingencies in
connection with growth in new or existing jurisdictions and
additional risks and uncertainties described in the Company's Form
10-K, Form 10-Q and Form 8-K reports (including all amendments to
those reports). In providing forward-looking statements, the
Company is not undertaking any duty or obligation to update these
statements publicly as a result of new information, future events
or otherwise, except as required by law. If the Company updates one
or more forward-looking statements, no inference should be drawn
that it will make additional updates with respect to those other
forward-looking statements.
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SOURCE MGM Resorts International