LAS VEGAS, June 23, 2017 /PRNewswire/ -- MGM Resorts
International (the "Company") (NYSE:MGM) today announced that it
will redeem for cash all of its outstanding $475,000,000 11.375% Senior Notes due 2018 (the
"Notes") on July 24, 2017 (the
"Redemption Date") at a redemption price equal to 100.00% of the
aggregate principal amount thereof plus a make-whole premium, to be
calculated as set forth in the Notice of Redemption, plus accrued
and unpaid interest, if any, to the Redemption Date (the
"Redemption Price"). Following the redemption of the Notes, no
Notes will remain outstanding.
"The redemption of our 11.375% Senior Notes demonstrates our
continued efforts to prudently deploy our free cash flow to
maximize shareholder value," said Dan D'Arrigo, Executive Vice
President and Chief Financial Officer of MGM Resorts International.
"This action further improves our balance sheet, extends our debt
maturity profile and continues our Company on the path of achieving
our goal of returning to investment grade."
On or before July 24, 2017, the Notes should be presented
to U.S. Bank National Association, as paying agent for the
redemption, at the address set forth in the Notice of Redemption
for the Notes. The Notice of Redemption is being sent to all
registered holders on June 23, 2017. Interest on the Notes
will cease to accrue on and after the Redemption Date, and the only
remaining right of holders of the Notes is to receive payment of
the Redemption Price.
This press release is for informational purposes only and shall
not constitute a notice of redemption of the Notes or an offer to
purchase, or a solicitation of an offer to sell, any Notes or other
securities.
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 opened MGM National Harbor
in Maryland on December 8, 2016, and is in the
process of developing MGM Springfield in Massachusetts. MGM
Resorts controls and holds a 76 percent economic interest in the
operating partnership of MGM Growth Properties LLC (NYSE: MGP), a
premier triple-net lease real estate investment trust engaged in
the acquisition, ownership and leasing of large-scale destination
entertainment and leisure resorts. The Company also owns 56 percent
of MGM China Holdings Limited (SEHK: 2282), which owns
MGM MACAU and is developing MGM COTAI, and 50 percent of
CityCenter in Las Vegas, which features ARIA Resort &
Casino. MGM Resorts is named among FORTUNE® Magazine's 2016 list of
World's Most Admired Companies®. For more information about MGM
Resorts International, visit the Company's website
at www.mgmresorts.com.
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, the Company's ability
to return to investment grade. 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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/mgm-resorts-international-announces-redemption-of-11375-senior-notes-300478777.html
SOURCE MGM Resorts International