MGM Resorts International has announced that a proposal to offer $500,000,000 in aggregate principal amount of senior notes due 2025. The company intends to use the net proceeds from the offering for “general corporate purposes”, which could include refinancing existing indebtedness, funding a portion of the cost of acquisitions, paying dividends on common stock or repurchasing common stock in accordance with its share repurchase programme.
Pending such use, MGM may invest the net proceeds in short-term interest-bearing accounts, securities or similar investments.
The notes being offered will be general unsecured senior obligations of the company, guaranteed by substantially all of its 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.
The offering of the notes will be made under MGM’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.