LAS VEGAS, April 18, 2017 /PRNewswire/ -- CityCenter
Holdings, LLC ("CityCenter"), a venture between MGM Resorts
International (NYSE: MGM) and Infinity World Development Corp,
today announced that it has completed its refinancing transactions
consisting of a new seven-year $1.6
billion term loan and a new five-year $125 million revolving credit facility. In
connection with the refinancing transactions, the term loan B was
issued at 99.5% of par and will bear interest at LIBOR plus 2.50%,
representing a 25 basis point decrease from the prior facility,
with a LIBOR floor of 0.75%. The revolving facility will bear
interest at LIBOR plus 2.00%, unchanged from the prior facility.
The revolving facility will mature in 2022 and the term loan B
facility will mature in 2024. CityCenter used the net
proceeds from the term loan to (i) refinance the outstanding amount
under its existing term loan, (ii) pay a $350 million dividend to its members and (iii)
pay related fees and expenses. CityCenter also paid its
previously announced $250 million
dividend from cash on hand, resulting in an aggregate dividend
of $600 million to its members.
"We are very pleased by the overwhelming response from our
lenders who continue to value CityCenter's improved operating
performance, premium asset quality and strong balance sheet," said
Jim Murren, Chairman and Chief
Executive Officer of MGM Resorts International and Chairman of
CityCenter. "Going forward, CityCenter will remain focused on
executing its business plan and maximizing value for its
shareholders."
About CityCenter
CityCenter, which is 50% owned by a wholly owned subsidiary of
MGM Resorts International and 50% owned by Infinity World
Development Corp (a wholly owned subsidiary of Dubai World), is an
urban mixed-use development on the Las Vegas Strip that includes
ARIA Resort & Casino, a 4,004-room casino resort; Mandarin
Oriental Las Vegas, a 392-room non-gaming boutique hotel with 225
luxury condominium residences; Vdara Hotel and Spa, a 1,495-room
luxury hotel-condominium; and the Veer Towers, which contain 669
luxury condominium residences. CityCenter opened in December 2009.
Statements in this release that are not historical facts are
forward-looking statements, within the meaning of the Private
Securities Litigation Reform Act of 1995 and involve risks and/or
uncertainties. Forward-looking statements are based 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 ability to maximize
value for its shareholders. 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 companies operate 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.
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SOURCE CityCenter Holdings, LLC; MGM Resorts International