MGM Resorts International Announces $750 Million Senior Notes Offering

Tuesday, March 26, 2024

MGM Resorts International unveiled its plan to conduct a public offering, aiming to raise $750 million through the issuance of 6.500% senior notes, which will mature in 2032. These notes are being offered at par value, with the transaction anticipated to be finalized on April 9, 2024, provided all standard closing criteria are met.

The purpose behind the issuance is for the Company to allocate the proceeds towards the repayment of its existing debts. This includes the redemption of its outstanding 6.750% senior notes scheduled for 2025. Until these funds are utilized for their intended debt repayment, the Company may temporarily place the net proceeds in short-term, interest-accumulating accounts or invest in similar types of securities.

The notes set to be issued will serve as general unsecured senior liabilities of the Company. They are to be backed by nearly all the Company’s wholly owned domestic subsidiaries that also back the Company’s other senior debts. These notes will rank equally with any of the Company’s existing or future senior unsecured debts and those of the guarantors.

A consortium of financial institutions including Deutsche Bank Securities Inc., BofA Securities, Inc., and others, have been appointed as the joint book-running managers for this offering. Additionally, Goldman Sachs & Co. LLC among others will serve as co-managers.

This announcement does not constitute an invitation to purchase or a solicitation for offers to buy these securities. Furthermore, these securities will not be sold in any jurisdiction where such an offer, solicitation, or sale would be illegal before the securities are registered or qualified under the securities laws of any such jurisdiction. This release is not a redemption notice for the 6.750% senior notes due in 2025. Any redemption notices for these notes will be issued as per the governing indenture.

The note offering will proceed under a prospectus supplement and an accompanying prospectus as part of the Company’s existing effective shelf registration statement with the Securities and Exchange Commission (SEC). A final prospectus supplement related to this offering will be filed with the SEC. For those interested, the prospectus and final prospectus supplement can be obtained upon request from any of the managing underwriters.

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