LAS VEGAS, March 27, 2019
/PRNewswire/ -- MGM Resorts International (the "Company")
(NYSE: MGM) today announced that it has priced an upsized
public offering of $1.0 billion
in aggregate principal amount of 5.500% senior notes due 2027
at par. The offering of the notes was upsized from the
originally announced aggregate principal amount of $500.0 million. The transaction is expected
to close on April 10, 2019, subject to customary closing
conditions.
The Company intends to use the net proceeds from the offering of
the notes, together with other sources of funds, which may include
cash on hand or borrowings under its revolving credit facility, to
fund the purchase of up to $1.0 billion aggregate principal amount of
its outstanding 5.25% senior notes due 2020 and 6.75% senior notes
due 2020 through cash tender offers. Any excess net proceeds will
be used for general corporate purposes, which could include
refinancing existing indebtedness, 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.
BofA Merrill Lynch, Barclays Capital Inc., Citigroup Global
Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities
LLC, SMBC Nikko Securities America, Inc., Fifth Third Securities,
Inc. and Morgan Stanley & Co. LLC will act as joint
book-running managers, and BNP Paribas Securities Corp. will act as
passive joint book-running manager. Citizens Capital Markets, Inc.,
Credit Agricole Securities (USA)
Inc., Scotia Capital (USA) Inc.,
SunTrust Robinson Humphrey, Inc., Capital One Securities, Inc. and
Comerica Securities, 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 tender offers are being made
solely pursuant to the Company's Offer to Purchase dated
March 27, 2019, and this press release does not constitute an
offer to purchase any securities.
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 filed
a final prospectus supplement with the SEC for the notes offering
to which this communication relates. Alternatively, the
Company, any underwriter or any dealer participating in the
offering will arrange to send you the prospectus and the final
prospectus supplement if you request it by contacting BofA Merrill
Lynch toll free at 1-800-294-1322 or by email at
dg.prospectus_requests@baml.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, the completion of the
senior notes offering and the tender offers. 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 29 unique hotel and destination gaming
offerings including some of the most recognizable resort brands in
the industry. Expanding throughout the U.S. and around the world,
the company acquired the operations of Empire City Casino in
New York in 2019, and in 2018,
opened MGM Springfield in Massachusetts, MGM COTAI in Macau, and the first Bellagio-branded hotel in
Shanghai. The over 82,000 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.
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SOURCE MGM Resorts International