LAS VEGAS, Oct. 8, 2020 /PRNewswire/ -- MGM Resorts
International (the "Company") (NYSE: MGM) today announced that
it proposes to offer $500 million in
aggregate principal amount of senior notes due 2028.
The Company intends to use the net proceeds from the offering of
the notes for general corporate purposes, which could include
refinancing existing indebtedness. Pending such use, the Company
may invest the net proceeds in short-term interest-bearing
accounts, securities or similar investments.
The notes being offered will be general unsecured senior
obligations of the Company, guaranteed by substantially all of the
Company's wholly owned domestic subsidiaries that guarantee the
Company's other senior indebtedness, and equal in right of payment
with all existing or future senior unsecured indebtedness of the
Company and each guarantor.
BofA Securities, Inc., J.P. Morgan Securities LLC, Barclays
Capital Inc., Citigroup Global Markets Inc., BNP Paribas Securities
Corp., Citizens Capital Markets, Inc., Fifth Third Securities,
Inc., Scotia Capital (USA) Inc.
and SMBC Nikko Securities America, Inc. will act as joint
book-running managers and Credit Agricole Securities (USA) Inc. and Truist Securities, Inc. will act
as co-managers for the proposed offering.
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 a prospectus
supplement related to the notes and an accompanying prospectus
filed as part of the Company's existing effective shelf
registration statement on file with the Securities and Exchange
Commission ("SEC"). The Company intends to file a final
prospectus supplement with the SEC for the notes offering to which
this communication relates. Alternatively, the Company, any
underwriter or any dealer participating in the offering will
arrange to send you the prospectus and the final prospectus
supplement if you request it from BofA Securities, NC1-004-03-43,
200 North College Street, 3rd floor, Charlotte NC 28255-0001,
Attn: Prospectus Department, or by email at
dg.prospectus_requests@bofa.com.
About MGM Resorts International
MGM Resorts International (NYSE: MGM) is an S&P 500® global
entertainment company with national and international locations
featuring best-in-class hotels and casinos, state-of-the-art
meetings and conference spaces, incredible live and theatrical
entertainment experiences, and an extensive array of restaurant,
nightlife and retail offerings. MGM Resorts creates immersive,
iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts
portfolio encompasses 29 unique hotel and destination gaming
offerings in the United States and
Macau, including some of the most
recognizable resort brands in the industry such as Bellagio, MGM
Grand, ARIA and Park MGM. The Company's 50/50 venture, BetMGM, LLC,
offers U.S. sports betting and online gaming through market-leading
brands, including BetMGM and partypoker. The Company is currently
pursuing targeted expansion in Asia through the integrated resort opportunity
in Japan. Through its "Focused on
What Matters: Embracing Humanity and Protecting the Planet"
initiative, MGM Resorts commits to creating a more sustainable
future, while striving to make a bigger difference in the lives of
its employees, guests, and in the communities where it operates.
The global employees of MGM Resorts are proud of their company for
being recognized as one of FORTUNE® Magazine's World's Most Admired
Companies®.
Forward Looking Statements
Statements in this release that are not historical facts are
"forward-looking" statements and "safe harbor statements" 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
senior notes offering, statements we make regarding the impact of
coronavirus disease 2019 ("COVID-19") on our business, our ability
to reduce expenses and otherwise maintain our liquidity position
during the pandemic, our ability to generate significant cash flow
and execute on ongoing and future strategic initiatives, including
the development of an integrated resort in Japan and investments we make in sports
betting and iGaming, amounts we will spend in capital expenditures
and investments, our expectations with respect to future share
repurchases and cash dividends on our common stock, dividends and
distributions we will receive from MGM China, MGM Growth Properties
Operating Partnership LP or CityCenter Holdings, LLC, our ability
to deliver on our MGM 2020 Plan, any benefits we expect to receive
from the Coronavirus Aid, Relief, and Economic Security Act and
amounts projected to be realized as deferred tax assets. 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 the continued impact of the
COVID-19 pandemic on the Company's business, the general 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.
MGM RESORTS CONTACTS:
Media:
BRIAN AHERN
Director, Media Relations
media@mgmresorts.com
Investment Community:
CATHERINE PARK
Executive Director, Investor Relations
cpark@mgrmesorts.com
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SOURCE MGM Resorts International