LAS VEGAS, Dec. 19, 2013 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) today announced that it has completed its
previously announced issuance of $500
million in aggregate principal amount of 5.25% senior notes
due 2020, which were issued at par.
The Company intends 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.
"This transaction reflects our continued commitment to further
enhance our free cash flow by opportunistically accessing the
capital markets at significantly lower rates," said Dan D'Arrigo,
Executive Vice President, CFO and Treasurer of MGM Resorts
International. "The coupon we achieved on this deal is the
lowest our Company has attained for senior unsecured notes in its
history. We believe we are well positioned to continue to
improve our balance sheet while investing for future growth."
About MGM Resorts International
MGM Resorts International (NYSE: MGM) is one of the world's
leading global hospitality companies, operating a peerless
portfolio of destination resort brands, including Bellagio, MGM
Grand, Mandalay Bay and The Mirage. In addition to its 51% interest
in MGM China Holdings, Limited, which owns the MGM Macau resort and
casino and is in the process of developing a gaming resort in
Cotai, the Company has significant holdings in gaming, hospitality
and entertainment, owns and operates 15 properties located in
Nevada, Mississippi and Michigan, and has 50% investments in three
other properties in Nevada and
Illinois. One of those investments
is CityCenter, an unprecedented urban resort destination on the Las
Vegas Strip featuring its centerpiece ARIA Resort &
Casino. Leveraging MGM Resorts' unmatched amenities, the M life
loyalty program delivers one-of-a-kind experiences, insider
privileges and personalized rewards for guests at the Company's
renowned properties nationwide. Through its hospitality management
subsidiary, the Company holds a growing number of development and
management agreements for casino and non-casino resort projects
around the world. MGM Resorts International supports responsible
gaming and has implemented the American Gaming Association's Code
of Conduct for Responsible Gaming at its gaming properties. The
Company has been honored with numerous awards and recognitions for
its industry-leading Diversity Initiative, its community
philanthropy programs and the Company's commitment to sustainable
development and operations. 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. We have 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
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 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 Resorts International