New Issue: MGM Resorts prices $100 million tap of 6% notes due 2023 at 100.75

By Paul A. Harris

Portland, Ore., Nov. 24 – MGM Resorts International priced a $100 million add-on to its non-callable 6% senior notes due March 15, 2023 (B3/B+/BB) at 100.75 to yield 5.886% in a quick-to-market transaction on Monday, according to an informed source.

BofA Merrill Lynch was the bookrunner.

The Las Vegas-based hospitality company plans to use the proceeds for general corporate purposes, including repaying certain debt maturing in 2015 and funding a portion of the development costs related to its Maryland and Massachusetts resort projects.

Issuer:	MGM Resorts International
Face amount:	$100 million
Proceeds:	$101 million
Maturity:	March 15, 2023
Security description:	Add-on to 6% senior notes due March 15, 2023
Bookrunner:	BofA Merrill Lynch
Coupon:	6%
Price:	100.75
Yield:	5.886%
Spread:	370 bps
Call protection:	Non-callable
Trade date:	Nov. 24
Settlement date:	Nov. 25
Existing ratings:	Moody's: B3
	Standard & Poor's: B+
	Fitch: BB
Distribution:	SEC registered
Marketing:	Quick to market
Original issue:	$1.15 billion priced at par on Nov. 20, 2014
Fungibility:	Add-on notes will be immediately fungible with the original notes
Total issue size:	$1.25 billion

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