LAS VEGAS, June 14, 2018 /PRNewswire/ -- MGM Resorts
International (the "Company") (NYSE: MGM) today announced
that it proposes to offer $500,000,000 in aggregate principal amount of
senior notes due 2025.
The Company intends to use the net proceeds from the offering of
the notes for general corporate purposes, which could include
refinancing existing indebtedness, funding a portion of the cost of
acquisitions the Company consummates, paying dividends on common
stock or repurchasing common stock in accordance with the Company's
share repurchase program. 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.
Citigroup Global Markets Inc., BofA Merrill Lynch, Barclays
Capital Inc., BNP Paribas Securities Corp., Fifth Third Securities,
Inc. and SMBC Nikko Securities America, Inc. will act as joint
book-running managers. Citizens Capital Markets, Inc., Credit
Agricole Securities (USA) Inc.,
Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, Scotia
Capital (USA) Inc. and
SunTrust Robinson Humphrey, Inc. 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
notes offering to which this communication relates. When
available, the final prospectus supplement may be obtained for free
by contacting Citigroup, c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, NY
11717 (Tel: 800-831-9146).
Statements in this release that are not historical facts are
"forward-looking" statements and "safe harbor statements" within
the meaning of the Private Securities Litigation Reform Act of 1995
that involve risks and/or uncertainties, including those described
in the Company's public filings with the SEC. The Company has 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, the completion of the
senior notes 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. If the Company updates one
or more forward-looking statements, no inference should be drawn
that it will make additional updates with respect to those other
forward-looking statements.
ABOUT MGM RESORTS INTERNATIONAL
MGM Resorts International (NYSE: MGM) is an S&P 500® global
entertainment company with national and international locations
featuring best-in-class hotels and casinos, state-of-the-art
meetings and conference spaces, incredible live and theatrical
entertainment experiences, and an extensive array of restaurant,
nightlife and retail offerings. MGM Resorts creates immersive,
iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts
portfolio encompasses 28 unique hotel offerings including some of
the most recognizable resort brands in the industry. Expanding
throughout the U.S. and around the world, the company in 2018
opened MGM COTAI in Macau and the
first Bellagio branded hotel in Shanghai. It also is developing MGM
Springfield in Massachusetts. The
78,000 global employees of MGM Resorts are proud of their company
for being recognized as one of FORTUNE® Magazine's World's Most
Admired Companies®.
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SOURCE MGM Resorts International