LAS VEGAS, June 18, 2018 /PRNewswire/ -- MGM Resorts
International (the "Company") (NYSE: MGM) today announced that it
has completed its previously announced issuance of $1.0 billion in aggregate principal amount
of 5.750% senior notes due 2025, which were issued at
par.
The Company intends to use the net proceeds from the offering of
the notes for general corporate purposes, which could include
refinancing existing indebtedness, funding a portion of the cost of
acquisitions the Company consummates, paying dividends on common
stock or repurchasing common stock in accordance with the Company's
share repurchase program. Pending such use, the Company may
invest the net proceeds in short-term interest-bearing accounts,
securities or similar investments.
"We are gratified by the overwhelming support we received from
the investment community," said Dan D'Arrigo, Executive Vice
President and Chief Financial Officer of MGM Resorts
International. "Opportunistically accessing the capital
markets at this time allowed us to significantly upsize this deal
at an attractive interest rate. The proceeds from this
offering further strengthen our financial position allowing us to
continue to execute on our strategic and capital allocation
plans."
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 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 Company's ability
to execute on its strategic and capital allocation plans. 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.
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 28 unique hotel offerings including some of
the most recognizable resort brands in the industry. Expanding
throughout the U.S. and around the world, the company in 2018
opened MGM COTAI in Macau and the
first Bellagio branded hotel in Shanghai. It also is developing MGM
Springfield in Massachusetts. The
78,000 global employees of MGM Resorts are proud of their company
for being recognized as one of FORTUNE® Magazine's World's Most
Admired Companies®.
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SOURCE MGM Resorts International