LAS VEGAS, Sept. 14, 2012 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) today announced that it has priced
$1.0 billion in aggregate principal
amount of 6.75% senior notes due 2020 at par. The transaction
is expected to close on September 19,
2012. The Company plans to use the net proceeds to repay a
portion of its indebtedness, which may include indebtedness under
its senior credit facility or outstanding debt securities.
The notes will be general unsecured senior obligations of the
Company, guaranteed by substantially all of the Company's wholly
owned domestic subsidiaries which guarantee the Company's other
senior indebtedness, and equal in right of payment with, or senior
to, all existing or future unsecured indebtedness of the Company
and each guarantor.
The notes have not been 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 that 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 the Company's
expectations to close on the sale of the notes and how the Company
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 the Company'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