MGM Resorts prices us$ 1 billion in Senior Notes
BofA Merrill Lynch, Barclays Capital, J.P. Morgan and Wells Fargo Securities are joint book-running managers for the offering.
The company plans to use the net proceeds to repay the full amount owed to term loan lenders that did not agree to extend their commitments in connection with the amendment and extension transaction in February 2012 (approximately us$ 965 million as of March 14, 2012), with the additional proceeds to be used to repay other indebtedness under the company's senior credit facility or outstanding debt securities.
The notes will be general unsecured senior obligations of the company, guaranteed by substantially all of the firm's wholly owned domestic subsidiaries which 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.
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