LAS VEGAS, Dec. 27, 2018 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) (the "Company") today announced that it
has successfully amended its senior credit agreement to, among
other things, increase its term loan A facility by approximately
$520 million to $750 million, increase its revolving facility by
$250 million to $1.5 billion and extend the maturity date of the
facilities to 2023. The Company expects to use the proceeds from
the new facilities to refinance existing indebtedness, fund
recently announced transactions and for general corporate
purposes.
"Our strong financial position has positioned the Company to
successfully complete this transaction. We appreciate the support
of our bank partners," said Dan D'Arrigo, Executive Vice President,
Chief Financial Officer and Treasurer. "We remain focused on
maintaining a fortified balance sheet and achieving our
consolidated net leverage ratio goal of 3 to 4 times by year end
2020."
Initial pricing on the amended revolving and term loan A
facilities is expected to be LIBOR plus 2.25%, a 50 basis point
reduction from the previous facilities.
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 Springfield in
Massachusetts, MGM COTAI in
Macau, and the first
Bellagio-branded hotel in Shanghai. The 81,000 global employees of MGM
Resorts are proud of their company for being recognized as one of
FORTUNE® Magazine's World's Most Admired Companies®. For more
information visit us at www.mgmresorts.com.
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, how the
Company expects to use the proceeds from the facility and the
Company's ability to achieve its net leverage target. 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.
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SOURCE MGM Resorts International