LAS VEGAS, April 23, 2020
/PRNewswire/ -- MGM Resorts International (the "Company")
(NYSE: MGM) today announced that it proposes to offer
$500,000,000 in aggregate principal
amount of senior notes due 2025.
The Company intends to use the net proceeds from the offering of
the notes, for general corporate purposes, including, without
limitation, further increasing its liquidity position. 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.
J.P. Morgan Securities LLC, BofA Securities, Inc., Barclays
Capital Inc., Citigroup Global Markets Inc., BNP Paribas Securities
Corp., Citizens Capital Markets, Inc., Fifth Third Securities,
Inc., Scotia Capital (USA) Inc.
and SMBC Nikko Securities America, Inc. will act as joint
book-running managers and Credit Agricole Securities (USA) Inc., Morgan Stanley & Co. LLC and
SunTrust Robinson Humphrey, Inc. will act as co-managers for the
proposed offering.
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 a prospectus
supplement related to the notes and an accompanying prospectus
filed as part of the Company's existing effective shelf
registration statement on file with the Securities and Exchange
Commission ("SEC"). The Company intends to file a final
prospectus supplement with the SEC for the notes offering to which
this communication relates. Alternatively, the Company, any
underwriter or any dealer participating in the offering will
arrange to send you the prospectus and the final prospectus
supplement if you request it from J.P. Morgan Securities LLC, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, or by calling
(866) 803-9204 or from BofA Securities, NC1-004-03-43, 200 North
College Street, 3rd floor, Charlotte NC 28255-0001, Attn:
Prospectus Department, or by email at
dg.prospectus_requests@bofa.com.
About MGM Resorts International
MGM Resorts International (NYSE: MGM) is an S&P 500®
global entertainment company with national and international
locations featuring best-in-class hotels and casinos,
state-of-the-art meetings and conference spaces, incredible live
and theatrical entertainment experiences, and an extensive array of
restaurant, nightlife and retail offerings. MGM Resorts creates
immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts
portfolio encompasses 29 unique hotel and destination gaming
offerings in the United States and
Macau, including some of the most
recognizable resort brands in the industry such as Bellagio, MGM
Grand, ARIA and Park MGM. The Company's 50/50 venture, ROAR Digital
LLC, offers U.S. sports betting and online gaming through
market-leading brands, including BetMGM and partypoker. The Company
is currently pursuing targeted expansion in Asia through the integrated resort opportunity
in Japan. Through its "Focused on
What Matters: Embracing Humanity and Protecting the Planet"
initiative, MGM Resorts commits to creating a more sustainable
future, while striving to make a bigger difference in the lives of
its employees, guests, and in the communities where it operates.
The global employees of MGM Resorts are proud of their company for
being recognized as one of FORTUNE® Magazine's World's Most Admired
Companies®.
Forward Looking Statements
Statements in this release that are not historical facts are
"forward-looking" statements and "safe harbor statements" 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, statements we make regarding the impact of
COVID-19 on the Company's business, the Company's ability to
continue to execute on the MGM 2020 Plan and its asset light
strategy, its ability to generate cash flow and execute on ongoing
and future projects, including the development of an integrated
resort in Japan, amounts it will
spend in capital expenditures and investments, its expectations
with respect to future share purchases and cash dividends on its
common stock, dividends and distributions it will receive from MGM
China, MGM Growth Properties Operating Partnership LP (the
"Operating Partnership") or CityCenter Holdings, LLC ("CityCenter")
and any benefits the Company expects to receive from the
Coronavirus Aid, Relief, and Economic Security Act. 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 the continued impact of the
COVID-19 pandemic on the Company's business, the general 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.
MGM RESORTS CONTACTS:
Investment Community
AARON
FISCHER
Chief Strategy Officer
(702) 693-7152 or afischer@mgmresorts.com
News Media
BRIAN
AHERN
Director of Communications
media@mgmresorts.com
View original
content:http://www.prnewswire.com/news-releases/mgm-resorts-international-announces-proposed-senior-notes-offering-301046160.html
SOURCE MGM Resorts International