LAS VEGAS, Nov. 20, 2014 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) today announced that it proposes to offer
$1.0 billion in aggregate principal
amount of senior unsecured notes due 2023.
The Company plans to use the net proceeds from the offering for
general corporate purposes, including repaying certain indebtedness
maturing in 2015 and funding a portion of the development costs
related to its Maryland and
Massachusetts resort projects.
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.
Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P.
Morgan Securities LLC, Citigroup Global Markets Inc., SMBC Nikko
Securities America, Inc. and Morgan Stanley & Co. LLC will act
as joint book-running 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 contacting
Merrill Lynch, Pierce, Fenner & Smith Incorporated at
1-800-294-1322 or dg.prospectus_requests@baml.com.
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 is in the process of developing MGM National
Harbor in Maryland and MGM
Springfield in Massachusetts. The
Company also owns 51 percent of MGM China Holdings Limited, which
owns the MGM Macau resort and casino and developing a gaming resort
in Cotai, and 50 percent 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 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 how the
Company expects to 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