CityCenter completes $1.73 billion refinancing of credit facility

New York, April 18 – CityCenter Holdings, LLC said it completed a $1.73 billion refinancing (BB-) which included a new $1.6 billion term loan and a $125 million revolver.

The seven-year term loan B was priced at 99.5 and pays interest at Libor plus 250 basis points with a Libor floor of 0.75%.

Pricing on the term loan B is a 25 bps improvement compared to the facility it replaces.

CityCenter also obtained a five-year revolver at Libor plus 200 bps, unchanged from the previous facility.

Proceeds from the term loan were used to refinance the previous term loan, to pay a $350 million dividend and to pay fees and expenses.

A further $250 million dividend was paid from cash on hand, bringing the total to $600 million.

As previously reported, pricing on the term loan B was lowered by 25 bps from the originally announced level of Libor plus 275 bps when syndication began.

An 18-month MFN sunset was removed.

Bank of America Merrill Lynch was the lead bank on the deal.

CityCenter, which is 50% owned by a wholly owned subsidiary of MGM Resorts International and 50% owned by Infinity World Development Corp., is an urban mixed-use development on the Las Vegas Strip.

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