LAS VEGAS, Aug. 19, 2016 /PRNewswire/ -- MGM
Resorts International (the "Company") (NYSE: MGM) today announced
that it has completed its previously announced issuance of
$500,000,000 in aggregate principal
amount of 4.625% senior notes due 2026, which were issued at
par.
The Company intends to use the net proceeds from the offering of
the notes, together with cash on hand, to redeem its 7.625% senior
notes due 2017. Pending such use, the Company may invest the
net proceeds in short-term interest-bearing accounts, securities or
similar investments.
"We are pleased to have achieved the lowest pricing of any
long-term note offering in the history of our Company," said Dan
D'Arrigo, Executive Vice President and Chief Financial Officer of
MGM Resorts International. "The continued strong support from the
investment community is a true testament to the significant
progress we have made in improving our balance sheet. We
remain dedicated to continuing to improve the balance sheet and
returning MGM Resorts to investment grade."
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, becoming an improving
the Company's balance sheet and becoming an investment grade
company. 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.
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SOURCE MGM Resorts International