CityCenter Secures First Phase of Its $3.0 Billion Senior Credit Facility
06 Outubro 2008 - 10:35AM
PR Newswire (US)
MGM MIRAGE and Dubai World Complete $1.8 Billion Financing Through
an Initial Group of Leading Financial Institutions LAS VEGAS, Oct.
6 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE:MGM) announced today
that CityCenter, a joint development project with Dubai World,
successfully completed the first phase of its $3.0 billion
financing package by securing a $1.8 billion senior bank credit
facility. The facility, which matures in April 2013, is expected to
be increased to a total amount of $3.0 billion as additional
commitments are received. CityCenter has received additional signed
commitment letters totaling in excess of $500 million, which
commitments are expected to be added to the facility once
completed. Both MGM MIRAGE and Dubai World continue to work with
additional lenders and will seek the remaining commitment amounts
through a syndication process beginning on October 7, 2008. "Even
in the current difficult lending environment, strong well-conceived
projects attract financing - CityCenter is such a project. We
appreciate the strong support CityCenter has received from these
participating financial institutions," said Dan D'Arrigo, Executive
Vice President and CFO of MGM MIRAGE. "We and our partner are
actively in discussions with additional financial institutions to
obtain the additional funding of the credit facility and are
receiving strong interest in the syndication process set to launch
this week." The credit facility consists of a $250 million revolver
with the remaining amount being in the form of term loans and is
secured by substantially all of the assets of CityCenter. The
facility is initially priced at LIBOR plus 3.75% through the
construction period. This facility is led by Bank of America, Royal
Bank of Scotland, UBS, BNP Paribas, and Sumitomo Mitsui. In
addition, other current participants include Deutsche Bank, Morgan
Stanley, and the Bank of Nova Scotia. "MGM's strong balance sheet
and long track record of superior financial performance combined
with the substantial financial resources of our partner uniquely
position CityCenter in an obviously difficult credit market," said
Mr. D'Arrigo As previously stated in MGM's Form 10-Q for the period
ended June 30, 2008, the estimated net project budget for
CityCenter is $8.6 billion, after net residential proceeds of
approximately $2.7 billion. The gross project budget consists of
$9.3 billion of construction costs (including capitalized
interest), $1.7 billion of land, $0.2 billion of preopening
expenses, and $0.1 billion of intangible assets. CityCenter is
scheduled to be completed in December 2009. About MGM MIRAGE: MGM
MIRAGE (NYSE:MGM), one of the world's leading and most respected
development companies with significant holdings in gaming,
hospitality and entertainment, owns and operates 17 properties
located in Nevada, Mississippi and Michigan, and has 50%
investments in four other properties in Nevada, New Jersey,
Illinois and Macau. MGM MIRAGE is developing major casino and non-
casino resorts, separately and with partners in Las Vegas, Atlantic
City, the People's Republic of China and Abu Dhabi, U.A.E. MGM
MIRAGE supports responsible gaming and has implemented the American
Gaming Association's Code of Conduct for Responsible Gaming at its
properties. MGM MIRAGE has received numerous awards and
recognitions for its industry-leading Diversity Initiative and its
community philanthropy programs. For more information about MGM
MIRAGE, please visit the company's website at
http://www.mgmmirage.com/. About CityCenter: CityCenter is an
unprecedented urban metropolis that will open in late 2009 on 67
acres between Bellagio and Monte Carlo resorts on the Las Vegas
Strip. A joint venture between MGM MIRAGE (NYSE:MGM) and Dubai
World, CityCenter is valued at more than $9 billion and will
feature ARIA, a 61- story, 4,000-room gaming resort; three luxury
non-gaming hotels including Las Vegas' first Mandarin Oriental, The
Harmon Hotel, Spa & Residences and Vdara Condo Hotel; Veer
Towers, the development's only strictly residential buildings;
approximately 2,600 condominium residences; and The Crystals, a
500,000-square-foot retail and entertainment district. CityCenter
also will feature a $40 million public fine art program with works
by acclaimed artists including Maya Lin, Jenny Holzer, Nancy
Rubins, Claes Oldenburg and Coosje van Bruggen, among others.
CityCenter is a design collaboration between MGM MIRAGE and eight
internationally acclaimed architectural firms including Pelli
Clarke Pelli, Kohn Pedersen Fox, Helmut Jahn, RV Architecture LLC
led by Rafael Vinoly, Foster + Partners, Studio Daniel
Libeskind(1), Rockwell Group and Gensler. Charting a new course for
responsible growth in Las Vegas, MGM MIRAGE is pursuing the U.S.
Green Building Council's Leadership in Energy and Environmental
Design (LEED) certification at CityCenter. As planned, the 18-
million-square foot, multi-use project will become one of the
world's largest environmentally sustainable urban communities.
Dubai World, a major investment holding company which wholly owns
or has substantial interest in a portfolio of businesses, owns 50
percent of CityCenter through its affiliates Infinity World
(Cayman) L.P. and Infinity World Investments LLC. The Dubai World
Group has more than 50,000 employees in over 100 cities around the
globe. For more information about CityCenter, please visit
http://www.citycenter.com/. (1) As a consultant to AAI Architects,
Inc. Statements in this release which are not historical facts are
"forward looking" statements and "safe harbor statements" under the
Private Securities Litigation Reform Act of 1995 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. DATASOURCE: MGM MIRAGE CONTACT: Investment
Community, DAN D'ARRIGO, EVP & Chief Financial Officer,
+1-702-693-8895, or Media, ALAN M. FELDMAN, Senior Vice President
of Public Affairs, +1-702-650-6947, , both of MGM MIRAGE Web site:
http://www.citycenter.com/ http://www.mgmmirage.com/
Copyright
MGM Resorts (NYSE:MGM)
Gráfico Histórico do Ativo
De Set 2024 até Out 2024
MGM Resorts (NYSE:MGM)
Gráfico Histórico do Ativo
De Out 2023 até Out 2024