LAS VEGAS, May 10, 2018 /PRNewswire/ -- CityCenter
Holdings, LLC ("CityCenter"), a venture between MGM Resorts
International (NYSE: MGM) and Infinity World Development Corp,
today announced that it has closed its previously announced
$200 million incremental term loan,
the proceeds of which, together with cash on hand, were used to pay
a dividend of $400 million to its
members. This incremental term loan has the same terms as, and is
fungible with, the existing term loan B facility under CityCenter's
existing senior secured credit facility. CityCenter paid the
dividend on May 10, 2018 following
the closing of the transactions.
In addition, CityCenter announced that is has successfully
repriced its term loan B facility to bear interest at LIBOR plus
2.25%, representing a 25 basis point decrease from the prior rate.
All other material provisions of the existing credit facility
remain unchanged.
"We are pleased that our incremental term loan offering was met
with strong demand, which also enabled us to reprice the facility,"
Jim Murren, Chairman and Chief
Executive Officer of MGM Resorts International and Chairman of
CityCenter, "with the proceeds from this transaction, we are able
to continue our goal of returning capital to our members."
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 Park MGM 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. 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,
CityCenter 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 Holdings, LLC