MGM Resorts International Announces Common Stock Offering (United States)
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MGM Resorts International Announces Common Stock Offering (United States)
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Category: North America & West Indies / Carribean islands - United States - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2010-10-13
MGM Resorts International (NYSE: MGM) announced today that it is offering 40,900,000 shares of its common stock and that its largest stockholder, Tracinda Corporation, is offering 27,782,000 shares of its common stock pursuant to an effective registration statement. Barclays Capital Inc. is the sole underwriter.
MGM Resorts International and Tracinda Corporation will each grant the underwriter a 30-day option to purchase up to an additional 6,135,000 shares and 4,167,300 shares, respectively, to cover over-allotments, if any.
MGM Resorts International intends to use the net proceeds from the sale of the common stock for general corporate purposes, including the repayment of debt. MGM Resorts International will not receive any proceeds from the sale of common stock by the selling stockholder.
The offering of the common stock is being made solely by means of a prospectus supplement and accompanying prospectus. Copies of the prospectus supplement and accompanying prospectus may be obtained for free by contacting Barclays Capital, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, (888) 603-5847 or email Barclaysprospectus@broadridge.com.
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