MGM Resorts International Prices $1.15 Billion In Senior Notes

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Nov 20, 2014, 05:36 ET

LAS VEGAS, Nov. 20, 2014 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) today announced that it has priced a public offering of $1.15 billion in aggregate principal amount of 6% senior unsecured notes due 2023 at par. The transaction is expected to close on November 25, 2014.

The Company plans to use the net proceeds from the offering of the notes for general corporate purposes, including repaying certain indebtedness maturing in 2015 and funding a portion of the development costs related to its Maryland and Massachusetts resort projects. 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 which 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.

Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, Citigroup Global Markets Inc., SMBC Nikko Securities America, Inc. and Morgan Stanley & Co. LLC acted as joint book-running managers for the offering. Barclays Capital Inc., BNP Paribas Securities Corp., Deutsche Bank Securities Inc., Credit Agricole Securities (USA) Inc., RBS Securities Inc., Scotia Capital (USA) Inc. and UBS Securities LLC acted as co-managers for the 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 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 note offering to which this communication relates. When available, the final prospectus supplement may be obtained for free by contacting Merrill Lynch, Pierce, Fenner & Smith Incorporated at 1-800-294-1322 or [email protected].

MGM Resorts International (NYSE: MGM) is one of the world's leading global hospitality companies, operating destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The Company also owns 51 percent of MGM China Holdings Limited, which owns the MGM Macau resort and casino and is in the process of developing a gaming resort in Cotai, and 50 percent of CityCenter in Las Vegas, which features ARIA resort and casino. For more information about the Company please visit www.mgmresorts.com.

Statements in this release which are not historical facts are "forward-looking" statements and "safe harbor statements" within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and other related laws that involve risks and/or uncertainties, including risks and/or uncertainties as described in the Company's public filings with the Securities and Exchange Commission. The Company has based those 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, statements regarding the Company's expectations to close on the sale of the notes and how the Company expects to use the proceeds of the 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 market conditions for corporate debt generally, for the securities of gaming, hospitality and entertainment companies and for the Company's indebtedness in particular. 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.

SOURCE MGM Resorts International