LAS VEGAS, May 2, 2013 /PRNewswire/ -- MGM Resorts
International (the "Company") (NYSE: MGM) announced today that it
has commenced an offer to exchange any and all of its outstanding
$1.0 billion aggregate principal
amount of 6.750% Senior Notes due 2020 (the "Initial Notes") for
new 6.750% Senior Notes due 2020 (the "New Notes") that have been
registered under the Securities Act of 1933, as amended (the
"Securities Act").
The exchange offer is being made pursuant to a Registration
Rights Agreement entered into by the Company when it originally
issued the Initial Notes on September 19,
2012. Since the Company issued the Initial Notes in a
private placement transaction, the Initial Notes are subject to
transfer restrictions. The purpose of the exchange offer is to
allow holders of the Initial Notes to exchange their notes for New
Notes that do not have these restrictions.
The terms of the New Notes to be issued in the exchange offer
are substantially the same as the terms of the Initial Notes,
except that the New Notes will be registered under the Securities
Act, will have no transfer restrictions under the federal
securities laws, no registration rights and no rights to additional
interest. Initial Notes that are not exchanged will continue to be
subject to the existing transfer restrictions under the federal
securities laws and the Company will have no further obligation to
provide for the registration of such notes except under certain
limited circumstances.
The exchange offer will expire at 5:00
p.m. New York City time, on
May 31, 2013, unless extended by the
Company. Valid tenders of the Initial Notes must be made, and may
be withdrawn at any time, before the exchange offer expires.
Documents describing the terms of the exchange offer, including
the prospectus and transmittal materials for making tenders, may be
obtained from the exchange agent, U.S. Bank National Association,
via mail or overnight package at U.S. Bank National Association, 60
Livingston Ave. St. Paul,
Minnesota 55107, Attention: Specialized Finance Association,
or via facsimile at (651) 466-7372.
This announcement does not constitute an offer to purchase or a
solicitation of an offer to sell securities. The exchange offer
will be made only pursuant to a prospectus and the related letter
of transmittal and only to such persons and in such jurisdictions
as is permitted under applicable law.
About MGM Resorts International
MGM Resorts International (NYSE: MGM) is one of the world's
leading global hospitality companies, operating a portfolio of
destination resort brands including Bellagio, MGM Grand, Mandalay
Bay and The Mirage. The Company also owns 51% 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% of
CityCenter in Las Vegas, which
features ARIA resort and casino. For more information about
MGM Resorts International, visit the Company's website at
www.mgmresorts.com.
Statements in this release that are not historical facts are
forward-looking statements involving risks and/or uncertainties,
including those described in the Company's public filings with the
Securities and Exchange Commission. 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, statements regarding
the Company's expectations regarding the Initial Notes to be
exchanged in the exchange offer, the timing of the exchange offer
and other conditions to the exchange offer. 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.
SOURCE MGM