MGM Resorts to price $500 million seven-year bullet on Thursday; initial talk high 5% area

By Paul A. Harris

Portland, Ore., June 14 – MGM Resorts International plans to price a $500 million offering of senior bullet notes due June 2025 (expected ratings Ba3/BB-/BB) in a quick-to-market Thursday trade following a late-morning conference call with investors, according to market sources.

Initial talk has the deal coming with a yield in the high 5% area, a trader said.

Citigroup Global Market Inc. is the left bookrunner for the public offering. BofA Merrill Lynch, Barclays, BNP Paribas Securities Corp., Fifth Third Bank and SMBC Nikko are joint bookrunners. Citizens Bank, Credit Agricole CIB, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc. and SunTrust Robinson Humphrey Inc. are the co-managers.

The seven-year notes become callable at par three months prior to maturity but are otherwise non-callable.

The Las Vegas-based operator of destination resorts plans to use the proceeds for general corporate purposes.

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