Tuesday, March 26, 2024
MGM Resorts International (NYSE: MGM) announced today its proposal to issue $750,000,000 in aggregate principal amount of senior notes due 2032.
The Company plans to utilize the net proceeds from this offering to repay existing debts, including its outstanding 6.750% senior notes due 2025. Pending such use, the Company may opt to invest the net proceeds in short-term interest-bearing accounts, securities, or similar investments.
These notes, offered, will constitute general unsecured senior obligations of the Company, with guarantees from most of its wholly owned domestic subsidiaries that also guarantee its other senior debts. They will be on equal footing in terms of payment rights with all current and future senior unsecured debts of the Company and its guarantors.
The joint book-running managers for the proposed offering will include Deutsche Bank Securities Inc., BofA Securities, Inc., Barclays Capital Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Citizens JMP Securities, LLC, Fifth Third Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., and Truist Securities, Inc. Goldman Sachs & Co. LLC, PNC Capital Markets LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC are appointed as co-managers.
This press release is not an offer to sell or a solicitation of an offer to buy securities, nor will there be any sale of these securities in or in in any jurisdiction where such an offer, solicitation, or sale would be illegal unless registered or qualified under the securities laws of that jurisdiction. Additionally, this press release does not serve as a notice of redemption for the 6.750% senior notes due 2025. Any such notice will be provided in accordance with the governing indenture.
The offering of these notes will be conducted under a prospectus supplement related to the notes and an accompanying prospectus filed as part of the Company’s existing effective shelf registration statement with the Securities and Exchange Commission (“SEC”). The Company plans to file a final prospectus supplement with the SEC for the notes offering referenced in this communication.
Saturday, April 27, 2024
