LAS VEGAS, April 30, 2018 /PRNewswire/ -- CityCenter
Holdings, LLC ("CityCenter"), a venture between MGM Resorts
International (NYSE: MGM) and Infinity World Development Corp,
today announced that it will seek to raise $200 million in an incremental term loan under
its existing senior secured credit agreement, subject to market and
customary conditions. CityCenter intends to use the proceeds of
such incremental term loan, together with cash on hand, to pay a
dividend of $400 million to its
shareholders.
About CityCenter
CityCenter, which is 50% owned by a wholly owned subsidiary of
MGM Resorts International and 50% owned by Infinity World
Development Corp (a wholly owned subsidiary of Dubai World), is a
mixed-use development on the Las Vegas Strip located between the
Bellagio and Monte Carlo resorts
that includes ARIA Resort & Casino, a 4,004-room casino resort;
Vdara Hotel and Spa, a 1,495-room luxury condominium-style hotel;
and the Veer Towers, which contain 669 luxury condominium
residences.
Statements in this release that are not historical facts are
forward-looking statements, within the meaning of the Private
Securities Litigation Reform Act of 1995 and involve risks and/or
uncertainties. Forward-looking statements are based 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 closing of the amendment and
the expected use of proceeds. 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 debt of gaming,
hospitality and entertainment companies and for CityCenter's
indebtedness in particular. In providing forward-looking
statements, CityCener 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.
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SOURCE CityCenter