LAS VEGAS, May 8, 2019 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) (the "Company") today announced
that MGM China Holdings Limited (the "Issuer"), a consolidated
subsidiary of the Company, priced an upsized offering of
$750 million in aggregate principal
amount of 5.375% senior notes due 2024 and $750 million in aggregate principal amount of
5.875% senior notes due 2026 in a private placement, in each case,
at par (collectively, the "notes"). The offering of the notes was
upsized to an aggregate principal amount of $1.5 billion from the originally announced
aggregate principal amount of $1.25
billion, in each case, across the two tranches of notes. The
Issuer intends to use the net proceeds from the offering of the
notes to repay amounts under its revolving credit facility and term
loan facility. The offering is expected to close on May 16, 2019, subject to customary closing
conditions.
The notes proposed to be offered will not be and 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 shall not constitute an offer to sell, or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state or other jurisdiction. 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 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 completion of the
Issuer's senior notes 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 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