CityCenter launches $200 million add-on term loan at 99.75 to par OID

By Sara Rosenberg

New York, April 30 – CityCenter Holdings LLC held a lender call at 2:30 p.m. ET on Monday to launch a fungible $200 million add-on term loan that is talked with an original issue discount of 99.75 to par, according to a market source.

Pricing on the term loan is Libor plus 250 basis points with a 0.75% Libor floor, the source said.

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

Commitments are due at noon ET on Friday, the source added.

Proceeds will be used with cash on hand to pay a dividend of $400 million to the company’s shareholders.

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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