MGM Resorts Proposes To Offer $1 Bln Of Senior Unsecured Notes Due 2023

(RTTNews) - MGM Resorts International (MGM) announced that it proposes to offer $1.0 billion in aggregate principal amount of senior unsecured notes due 2023.

The company noted that it plans to use the net proceeds from the offering for general corporate purposes, including repaying certain indebtedness maturing in 2015 and funding a portion of the development costs related to its Maryland and Massachusetts resort projects.

Pending such use, the Company may invest the net proceeds in short-term interest-bearing accounts, securities or similar investments.

Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, Citigroup Global Markets Inc., SMBC Nikko Securities America, Inc. and Morgan Stanley & Co. LLC will act as joint book-running managers for the proposed offering.