New Issue: MGM Resorts upsizes to $1 billion, prices seven-year bullet at par to yield in 5¾%

By Paul A. Harris

Portland, Ore., June 14 – MGM Resorts International priced an upsized $1 billion issue of seven-year senior bullet notes (Ba3/BB-) at par to yield 5¾% in a quick-to-market Thursday trade, according to market sources.

The issue size was increased from $500 million.

The yield printed in the middle of yield talk in the 5¾% area and tight to initial in the high 5% area.

Citigroup Global Market Inc. was the left bookrunner. BofA Merrill Lynch, Barclays, BNP Paribas Securities Corp., Fifth Third Bank and SMBC Nikko were joint bookrunners.

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

Issuers:	MGM Resorts International
Amount:	$1 billion, increased from $500 million
Maturity:	June 15, 2025
Securities:	Senior notes
Left bookrunner:	Citigroup Global Markets Inc.
Joint bookrunners:	BofA Merrill Lynch, Barclays, BNP Paribas Securities Corp., Fifth Third Bank, SMBC Nikko
Co-managers:	Citizens Capital Markets Inc., Credit Agricole CIB, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc., SunTrust Robinson Humphrey Inc.
Coupon:	5¾%
Price:	Par
Yield:	5¾%
Spread:	284 bps
Call protection:	Par call three months prior to maturity, otherwise non-callable
Trade date:	June 14
Settlement date:	June 18
Ratings:	Moody's: Ba3
	S&P: BB-
Distribution:	SEC registered
Price talk:	5¾% area
Marketing:	Quick to market

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