MGM Resorts (MGM) Says CityCenter Holdings Prices $240M Senior Notes Offering
Down)
MGM Resorts International (NYSE: MGM) announced that CityCenter Holdings, LLC, a joint venture which is 50% owned by a wholly owned subsidiary of the Company and 50% owned by Infinity World Development Corp. (a wholly owned subsidiary of Dubai World), and CityCenter Finance Corp. priced $240 million in aggregate principal amount of senior secured first lien notes in a private placement at an issue price of 104.75%. The notes are additional notes constituting a part of the same series as the $900 million in aggregate principal amount of 7.625% senior secured first lien notes due 2016 issued on January 21, 2011. CityCenter plans to use the net proceeds from the offering, together with cash from its balance sheet, to repay $300 million of the outstanding borrowings under its $375 million senior credit facility. The offering is expected to close on February 17, 2012, subject to customary closing conditions.
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