MGM Resorts International (the “Company”) (NYSE: MGM) today announced that it has priced an upsized public offering of $750,000,000 in aggregate principal amount of 4.750% senior notes due 2028 at par. The offering of notes was upsized from the originally announced aggregate principal amount of $500,000,000. The transaction is expected to close on October 13, 2020, subject to customary closing conditions.
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.
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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., Truist Securities, Inc., Comerica Securities, Inc. and Union Gaming Securities, LLC 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 will file a final prospectus supplement with the SEC for the notes offering to which this communication relates.
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