MGM Resorts International Announces Proposed Private Offering (United States)
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MGM Resorts International Announces Proposed Private 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 2010-10-26
MGM Resorts International (NYSE: MGM) today announced that it proposes to offer $500 million in aggregate principal amount of senior notes due 2016 in a private placement. The Company plans to use the net proceeds from the offering to repay a portion of the $1.2 billion owed to lenders under its senior credit facility which have not agreed to extend their commitments on or before the existing maturity date in October 2011.
The notes will be general unsecured senior obligations of the Company, guaranteed by substantially all of the Company's wholly-owned domestic subsidiaries, which also guarantee the Company's other senior indebtedness, and equal in right of payment with, or senior to, all existing or future unsecured indebtedness of the Company and each guarantor.
The notes proposed to be offered will not be 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 will be 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.
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