LAS VEGAS, Feb. 13, 2012 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) today announced that CityCenter Holdings,
LLC, a joint venture which is 50% owned by a wholly owned
subsidiary of the Company and 50% owned by Infinity World
Development Corp. (a wholly owned subsidiary of Dubai World), and
CityCenter Finance Corp. priced $240
million in aggregate principal amount of senior secured
first lien notes in a private placement at an issue price of
104.75%. The notes are additional notes constituting a part
of the same series as the $900
million in aggregate principal amount of 7.625% senior
secured first lien notes due 2016 issued on January 21, 2011. CityCenter plans to use
the net proceeds from the offering, together with cash from its
balance sheet, to repay $300 million
of the outstanding borrowings under its $375
million senior credit facility. The offering is
expected to close on February 17,
2012, subject to customary closing conditions.
The notes proposed to be offered will not be registered under
the Securities Act of 1933, as amended (the "Securities Act"), or
any state securities laws and may not be offered or sold in
the United States or to any U.S.
persons absent registration under the Securities Act, or pursuant
to an applicable exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act and
applicable state securities laws. The notes will be offered only to
"qualified institutional buyers" under Rule 144A of the
Securities Act or, outside the United
States, to persons other than "U.S. persons" in compliance
with Regulation S under the Securities Act.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the notes, nor shall there be any
offer, solicitation or sale of any notes in any jurisdiction in
which such offer, solicitation or sale would be unlawful. The
Company gives no assurance that the proposed offering can be
completed on any terms.
Statements in this release which are not historical facts are
"forward-looking" statements and "safe harbor statements" within
the meaning of Section 21E of the U.S. Securities Exchange Act
of 1934, as amended, and other related laws that involve risks
and/or uncertainties, including risks and/or uncertainties as
described in the Company's public filings with the Securities and
Exchange Commission. We have based those 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, statements regarding CityCenter's
expectations to close on the sale of the notes and how CityCenter
will use the proceeds of the 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 market conditions for corporate debt generally, for the
securities of gaming, hospitality and entertainment companies and
for CityCenter's indebtedness in particular. 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.
SOURCE MGM Resorts International