MGM Resorts pricing $1 billion nine-year bullets Thursday

By Paul A. Harris

Portland, Ore., Dec. 6 - MGM Resorts International plans to price a $1 billion offering of non-callable senior notes due Dec. 15, 2021 (existing ratings B3/B-) on Thursday, according to a syndicate source.

Joint physical bookrunner Barclays will bill and deliver. J.P. Morgan Securities LLC is also a joint physical bookrunner.

Bank of America Merrill Lynch, Deutsche Bank Securities Inc., BNP Paribas, RBS Securities Inc., SMBC and Credit Agricole CIB are joint bookrunners. Morgan Stanley & Co. LLC and UBS Investment Bank are the co-managers.

The Securities and Exchange Commission-registered notes come with a make-whole call at Treasuries plus 50 basis points.

The hospitality company plans to use the proceeds, together with cash on hand and an amended and restated senior secured credit facility, to fund the tender for its existing secured notes and prepay amounts outstanding under its existing senior secured credit facility.

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