MGM Resorts International (the “Company”) has 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.
