LAS VEGAS, April 21, 2016 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) (the "Company") today announced that its
indirect wholly-owned subsidiaries, MGP Escrow Issuer, LLC (the
"Issuer") and MGP Escrow Co-Issuer, Inc. (the "Co-Issuer" and,
together with the Issuer, the "Issuers"), have completed their
issuance of $1.05 billion in
aggregate principal amount of 5.625% senior notes due 2024 (the
"notes") in a private placement at par. The notes have been
offered in connection with the formation of MGM Growth Properties
LLC ("MGP"), a real estate investment trust that will be a
subsidiary of the Company. Following the consummation of certain
formation transactions, the Issuer will be merged with and into MGM
Growth Properties Operating Partnership LP (the "OP").
The Issuers plan to use the net proceeds, together with the
proceeds from other anticipated financings in connection with the
formation transactions, to refinance indebtedness assumed by the OP
from the Company in connection with the formation transactions, and
to pay related fees and expenses.
The notes have not been registered under the Securities Act of
1933, as amended (the "Securities Act"), or any state securities
laws and may not be offered or sold in the United States or to any U.S. persons
absent registration under the Securities Act, or pursuant to an
applicable exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and applicable
state securities laws. The notes were offered only to
"qualified institutional buyers" under Rule 144A of the
Securities Act or, outside the United
States, to persons other than "U.S. persons" in compliance
with Regulation S under the Securities Act.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the notes, nor shall there be any
offer, solicitation or sale of any notes in any jurisdiction in
which such offer, solicitation or sale would be unlawful.
Statements in this release that are not historical facts are
"forward-looking" statements and "safe harbor statements" within
the meaning of the Private Securities Litigation Reform Act of 1995
that involve risks and/or uncertainties, including those described
in the Company's public filings with the Securities and Exchange
Commission. 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 formation transactions associated
with MGP and the related financing transactions. 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 effects of 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.
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SOURCE MGM Resorts International