MGM Resorts International Announces Closing of Offering of $750,000,000 Senior Notes due 2028
MGM Resorts International (NYSE: MGM) announced the completion of a $750 million issuance of senior notes at a rate of 4.750% due in 2028. The proceeds will be utilized for general corporate purposes, including potentially refinancing existing debt. CFO Corey Sanders emphasized that this move enhances the company's financial flexibility and illustrates investor confidence in MGM's long-term outlook.
- Successful issuance of $750 million in senior notes at favorable rates improves financial flexibility.
- Investor confidence in MGM's long-term outlook is reflected in the successful execution of the offering.
- None.
LAS VEGAS, Oct. 13, 2020 /PRNewswire/ -- MGM Resorts International (the "Company") (NYSE: MGM) today announced that it has completed its previously announced issuance (the "Offering") of
The Company intends to use the net proceeds from the offering of the Notes for general corporate purposes, which could include refinancing existing indebtedness. Pending such use, the Company may invest the net proceeds in short-term interest-bearing accounts, securities or similar investments.
"The successful execution of this upsized offering at a favorable rate further solidifies our financial flexibility and demonstrates the continued confidence our investors have in our long-term business outlook," said Corey Sanders, Chief Financial Officer and Treasurer of MGM Resorts International.
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 29 unique hotel and destination gaming offerings in the United States and Macau, including some of the most recognizable resort brands in the industry such as Bellagio, MGM Grand, ARIA and Park MGM. The Company's 50/50 venture, BetMGM, LLC, offers U.S. sports betting and online gaming through market-leading brands, including BetMGM and partypoker. The Company is currently pursuing targeted expansion in Asia through the integrated resort opportunity in Japan. Through its "Focused on What Matters: Embracing Humanity and Protecting the Planet" initiative, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests, and in the communities where it operates. The global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine's World's Most Admired Companies®.
Forward Looking Statements
Statements in this release that are not historical facts are "forward-looking" statements and "safe harbor statements" 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, statements we make regarding the impact of coronavirus disease 2019 ("COVID-19") on our business, our ability to reduce expenses and otherwise maintain our liquidity position during the pandemic, our ability to generate significant cash flow and execute on ongoing and future strategic initiatives, including the development of an integrated resort in Japan and investments we make in sports betting and iGaming, amounts we will spend in capital expenditures and investments, our expectations with respect to future share repurchases and cash dividends on our common stock, dividends and distributions we will receive from MGM China, MGM Growth Properties Operating Partnership LP or CityCenter Holdings, LLC, our ability to deliver on our MGM 2020 Plan, any benefits we expect to receive from the Coronavirus Aid, Relief, and Economic Security Act and amounts projected to be realized as deferred tax assets. 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 the continued impact of the COVID-19 pandemic on the Company's business, the general 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.
MGM RESORTS CONTACTS:
Media:
BRIAN AHERN
Director, Media Relations
media@mgmresorts.com
Investment Community:
CATHERINE PARK
Executive Director, Investor Relations
cpark@mgrmesorts.com
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SOURCE MGM Resorts International
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