LAS VEGAS, March 15, 2012 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) today announced that it proposes to offer
$750 million in aggregate principal
amount of senior notes due 2022. BofA Merrill Lynch, Barclays
Capital, J.P. Morgan and Wells Fargo Securities will act as
joint-book running managers for the proposed offering.
The Company plans to use the net proceeds to repay a portion of
the $965 million owed to term loan
lenders as of March 14, 2012 that did
not agree to extend their commitments in connection with the
amendment and extension transaction in February 2012, with any additional proceeds to be
used to repay other indebtedness under the Company's senior credit
facility or outstanding debt securities.
The notes will be general unsecured senior obligations of the
Company, guaranteed by substantially all of the Company's
wholly-owned domestic subsidiaries which guarantee the Company's
other senior indebtedness, and equal in right of payment with, or
senior to, all existing or future unsecured indebtedness of the
Company and each guarantor.
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 offering of the notes will be made under the Company's shelf
registration statement, which became automatically effective upon
filling with the Securities and Exchange Commission ("SEC"). The
Company intends to file a final prospectus supplement with the SEC
for the note offering to which this communication relates. When
available, the final prospectus supplement may be obtained for free
by calling or e-mailing Merrill Lynch, Pierce, Fenner &
Smith Incorporated at 1-800-294-1322 or
dg.prospectus_requests@baml.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. We have 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 the Company's
expectations as to the 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 market conditions for corporate
debt generally, for the securities of gaming, hospitality and
entertainment companies and for the Company's indebtedness in
particular. 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.
SOURCE MGM Resorts International