LAS VEGAS, Dec. 16, 2013 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) today announced that it has priced a
public offering of $500 million in
aggregate principal amount of 5.25% senior unsecured notes due
March 31, 2020 at par. The
transaction is expected to close on December
19, 2013.
The Company plans to use the net proceeds of the offering for
general corporate purposes, which may include repaying a portion of
its outstanding 5.875% senior notes due February 2014 at maturity.
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.
Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner
& Smith Incorporated, Barclays Capital Inc. and J.P. Morgan
Securities LLC will act as joint book-running managers for the
proposed offering. BNP Paribas Securities Corp., Citigroup
Global Markets Inc., Credit Agricole Securities (USA) Inc., RBS Securities Inc., SMBC Nikko
Securities America, Inc., Morgan Stanley & Co. LLC, Scotia
Capital (USA) Inc. and UBS
Securities LLC 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 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 delivering
written request to Deutsche Bank Securities, Inc. at Attn.:
Prospectus Group, 60 Wall Street, New
York, NY 10005-2836, or by calling toll-free 1 (800)
503-4611 or by emailing prospectus.CPDG@db.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 will 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