LAS VEGAS, Nov. 25, 2014
/PRNewswire/ -- MGM Resorts International (NYSE: MGM) today
announced that it has completed its previously announced issuance
of $1.15 billion in aggregate
principal amount of 6% senior unsecured notes due 2023, which were
issued at par, and its issuance of $100
million in aggregate principal amount of additional 6%
senior unsecured notes due 2023, which were issued at
100.75%.
The Company plans to use the net proceeds from the offering for
general corporate purposes, including repaying certain indebtedness
maturing in 2015 and funding a portion of the development costs
related to its Maryland and
Massachusetts resort projects.
Pending such use, the Company may invest the net proceeds in
short-term interest-bearing accounts, securities or similar
investments.
"The success of this transaction is due to the continued support
from the investment community, reflected in the increased demand,
which allowed us to achieve rates at historically low levels," said
Dan D'Arrigo, Executive Vice President, CFO and Treasurer of MGM
Resorts International. "We remain committed to maximizing our free
cash flow by making strategic investments in our resort portfolio
and opportunistically accessing the capital markets at attractive
rates."
About MGM Resorts International
MGM Resorts International (NYSE: MGM) is one of the world's
leading global hospitality companies, operating a portfolio of
destination resort brands including Bellagio, MGM Grand, Mandalay
Bay and The Mirage. The Company is in the process of developing MGM
National Harbor in Maryland and
MGM Springfield in Massachusetts.
The Company also owns 51 percent of MGM China Holdings Limited,
which owns the MGM Macau resort and casino and is in the process of
developing a gaming resort in Cotai, and 50 percent of CityCenter
in Las Vegas, which features Aria
resort and casino. For more information about MGM Resorts
International, visit the Company's website at
www.mgmresorts.com.
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. The Company has 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 how the
Company expects to 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 effects of economic conditions
and market conditions in the markets in which the Company operates,
for corporate debt generally, for the securities of gaming,
hospitality and entertainment companies and for the Company's
indebtedness in particular, 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.
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SOURCE MGM Resorts International