MGM Resorts International Prices $1.25 Billion In Senior Notes

LAS VEGAS, Dec. 6, 2012 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) today announced that it has priced a public offering of $1.25 billion in aggregate principal amount of 6.625% senior unsecured notes due 2021 at par. The transaction is expected to close on December 20, 2012.

Barclays Capital Inc. ("Barclays") and J.P. Morgan Securities LLC ("J.P. Morgan") will act as representatives of the underwriters and Barclays, J.P. Morgan, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Deutsche Bank Securities Inc., BNP Paribas Securities Corp., RBS Securities Inc., Citigroup Global Markets Inc., Credit Agricole Securities ( USA) Inc. and SMBC Nikko Capital Markets Limited will act as joint book-running managers for the proposed offering.

The Company plans to use the net proceeds of the offering, together with cash on hand and the proceeds from a new $4.0 billion amended and restated senior secured credit facility, which will include a revolving credit facility, term loan A and term loan B tranches, (i) to repurchase all of its outstanding 13% senior secured notes due 2013, 10.375% senior secured notes due 2014, 11.125% senior secured notes due 2017 and 9% senior secured notes due 2020 (the "Existing Secured Notes") tendered in the previously announced tender offers, (ii) to fund the redemption and satisfaction and discharge of any of the Existing Secured Notes that are not tendered in the tender offers, (iii) to refinance its existing senior credit facility, (iv) to pay transaction-related fees and expenses and (v) for general corporate purposes.

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 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.

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.

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