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MGM Resorts International Prices $500 Million In Senior Notes

LAS VEGAS, Dec. 16, 2013 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) today announced that it has priced a public offering of $500 million in aggregate principal amount of 5.25% senior unsecured notes due March 31, 2020 at par.  The transaction is expected to close on December 19, ­­2013.

The Company plans to use the net proceeds of the offering for general corporate purposes, which may include repaying a portion of its outstanding 5.875% senior notes due February 2014 at maturity.

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 which 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.

Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Capital Inc. and J.P. Morgan Securities LLC will act as joint book-running managers for the proposed offering.  BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., RBS Securities Inc., SMBC Nikko Securities America, Inc., Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc. and UBS 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 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 note offering to which this communication relates. When available, the final prospectus supplement may be obtained for free by delivering written request to Deutsche Bank Securities, Inc. at Attn.: Prospectus Group, 60 Wall Street, New York, NY 10005-2836, or by calling toll-free 1 (800) 503-4611 or by emailing prospectus.CPDG@db.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.  The Company has 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 to close on the sale of the notes and how the Company will use the proceeds of the 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

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