MGM Resorts International Announces Proposed Senior Notes Offering
MGM Resorts International (NYSE: MGM) has announced a proposed offering of $675 million in senior notes due 2029. The company plans to use the net proceeds to repay existing debt, including its outstanding 5.750% senior notes due 2025. The new notes will be general unsecured senior obligations, guaranteed by most of MGM's wholly owned domestic subsidiaries.
The offering will be managed by a group of prominent financial institutions, including BofA Securities, J.P. Morgan Securities, and Barclays Capital. MGM Resorts, an S&P 500® global gaming and entertainment company, operates 31 unique hotel and gaming destinations globally and is involved in sports betting and online gaming through its venture BetMGM,
MGM Resorts International (NYSE: MGM) ha annunciato un'offerta proposta di $675 milioni in note senior con scadenza nel 2029. L'azienda prevede di utilizzare il ricavato netto per rimborsare debiti esistenti, comprese le sue note senior 5.750% in scadenza nel 2025. Le nuove note saranno obbligazioni senior generali non garantite, garantite dalla maggior parte delle sussidiarie nazionali interamente possedute da MGM.
L'offerta sarà gestita da un gruppo di importanti istituzioni finanziarie, tra cui BofA Securities, J.P. Morgan Securities e Barclays Capital. MGM Resorts, un'azienda globale di gioco e intrattenimento quotata nell'S&P 500®, gestisce 31 uniche destinazioni hotel e gioco a livello globale ed è coinvolta nelle scommesse sportive e nel gioco online attraverso la sua iniziativa BetMGM.
MGM Resorts International (NYSE: MGM) ha anunciado una oferta propuesta de $675 millones en notas senior con vencimiento en 2029. La compañía planea utilizar el producto neto para pagar deudas existentes, incluidas sus notas senior 5.750% con vencimiento en 2025. Las nuevas notas serán obligaciones senior generales no garantizadas, garantizadas por la mayoría de las subsidiarias nacionales de propiedad total de MGM.
La oferta será gestionada por un grupo de instituciones financieras destacadas, incluyendo BofA Securities, J.P. Morgan Securities y Barclays Capital. MGM Resorts, una empresa global de juegos y entretenimiento incluida en el S&P 500®, opera 31 destinos únicos de hoteles y juegos a nivel mundial y está involucrada en apuestas deportivas y juegos en línea a través de su proyecto BetMGM.
MGM 리조트 인터내셔널 (NYSE: MGM)은 2029년 만기 6억7500만 달러의 선순위 채권 제안을 발표했습니다. 회사는 순수익을 이용하여 기존 부채를 상환할 계획이며, 여기에는 2025년 만기 5.750% 선순위 채권이 포함됩니다. 새로운 채권은 일반 무담보 선순위 의무로, MGM의 대부분의 완전 소유 국내 자회사에 의해 보증됩니다.
이 제안은 BofA 증권, JP 모건 증권, 바클레이스 캐피탈 등 저명한 금융 기관 그룹이 관리합니다. MGM 리조트는 S&P 500® 글로벌 게임 및 엔터테인먼트 회사로, 전 세계적으로 31개의 독특한 호텔 및 게임 목적지를 운영하며, BetMGM을 통해 스포츠 베팅과 온라인 게임에 참여하고 있습니다.
MGM Resorts International (NYSE: MGM) a annoncé une offre proposée de 675 millions de dollars en obligations senior arrivant à échéance en 2029. L'entreprise prévoit d'utiliser le produit net pour rembourser des dettes existantes, y compris ses obligations senior de 5,750% arrivant à échéance en 2025. Les nouvelles obligations seront des obligations senior générales non garanties, garanties par la plupart des filiales nationales entièrement détenues par MGM.
L'offre sera gérée par un groupe d'institutions financières de premier plan, y compris BofA Securities, J.P. Morgan Securities et Barclays Capital. MGM Resorts, une entreprise mondiale de jeux et de divertissement inscrite à l'S&P 500®, exploite 31 destinations hôtelières et de jeux uniques dans le monde entier et est impliquée dans les paris sportifs et les jeux en ligne par le biais de son entreprise BetMGM.
MGM Resorts International (NYSE: MGM) hat ein geplantes Angebot von 675 Millionen US-Dollar an Senior Notes mit Fälligkeit 2029 angekündigt. Das Unternehmen plant, die Nettoprovenzen zu verwenden, um bestehende Schulden zurückzuzahlen, einschließlich seiner ausstehenden 5,750% Senior Notes mit Fälligkeit 2025. Die neuen Notes werden allgemeine ungesicherte Senior-Verpflichtungen sein, die von den meisten von MGMs vollständig im Besitz befindlichen inländischen Tochtergesellschaften garantiert werden.
Das Angebot wird von einer Gruppe herausragender Finanzinstitute verwaltet, darunter BofA Securities, J.P. Morgan Securities und Barclays Capital. MGM Resorts, ein globales Gaming- und Unterhaltungsunternehmen im S&P 500®, betreibt 31 einzigartige Hotel- und Gaming-Destinationen weltweit und ist im Sportwetten und Online-Gaming über sein Unternehmen BetMGM tätig.
- Raising $675 million through senior notes offering
- Repayment of existing debt, potentially improving financial structure
- Strong backing from major financial institutions as joint book-running managers
- Increasing long-term debt obligations
- Potential impact on future cash flows due to new debt service requirements
Insights
MGM Resorts' proposed
MGM's debt offering comes at a important time for the gaming and hospitality industry, which is experiencing a post-pandemic resurgence. The company's ability to secure this offering reflects investor confidence in the sector's recovery and MGM's market position. With 31 properties globally and a strong presence in Las Vegas, MGM is well-positioned to capitalize on the rebound in tourism and entertainment spending. The expansion into online gaming and sports betting through BetMGM and European ventures demonstrates MGM's adaptability to evolving consumer preferences. This diversification strategy, coupled with the company's focus on sustainability and community impact, could enhance its appeal to a broader investor base, potentially supporting long-term stock performance. However, investors should monitor how geopolitical tensions and economic uncertainties might affect tourism and discretionary spending in key markets.
The Company intends to use the net proceeds from the offering of the notes to repay existing indebtedness, including its outstanding
The notes being offered will be general unsecured senior obligations of the Company, guaranteed by substantially all of the Company's wholly owned domestic subsidiaries that guarantee the Company's other senior indebtedness, and equal in right of payment with all existing or future senior unsecured indebtedness of the Company and each guarantor.
BofA Securities, Inc., J.P. Morgan Securities LLC, Barclays Capital Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Citizens JMP Securities, LLC, Deutsche Bank Securities Inc., Fifth Third Securities, Inc., Morgan Stanley & Co. LLC, Scotia Capital (
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. This press release shall not constitute a notice of redemption with respect to the
The offering of the notes will be made under a prospectus supplement related to the notes and an accompanying prospectus filed as part of the Company's existing effective shelf registration statement on file with the Securities and Exchange Commission ("SEC"). The Company intends to file a final prospectus supplement with the SEC for the notes offering to which this communication relates. Alternatively, the Company, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and the final prospectus supplement if you request it from BofA Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 8255-0001, Attn: Prospectus Department, Email: dg.prospectus_requests@bofa.com.
About MGM Resorts International
MGM Resorts International (NYSE: MGM) is an S&P 500® global gaming and 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
Forward Looking Statements
Statements in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and 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: completion of the senior notes offering; the Company's expectations regarding any benefits expected to be received from the Company's recent transactions, including the transactions with Push Gaming, Tipico, Playtech and the long-term license agreement with Marriott International; future results of the Company (including the Company's ability to maintain a strong balance sheet), and its unconsolidated affiliates, including BetMGM; expectations regarding the impact of macroeconomic trends on the Company's business; expectations regarding the Company's booking pace, liquidity position and the size and timing of future investments, including capital investments in the Company's properties; the Company's ability to execute on its strategic plans, including the development of an integrated resort in
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 effects of economic conditions and market conditions in the markets in which the Company operates and competition with other online gaming and sports betting operators and destination travel locations throughout
MGM RESORTS CONTACTS:
Investment Community:
SARAH ROGERS, Senior Vice President of Corporate Finance
(702) 730-3942, srogers@mgmresorts.com
ANDREW CHAPMAN, Director of Investor Relations
(702) 693-8711, achapman@mgmresorts.com
News Media:
BRIAN AHERN, Executive Director of Communications media@mgmresorts.com
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SOURCE MGM Resorts International
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