MGM Growth Properties marketing $500 million eight-year bullet; initial talk 5¾%-6% area

By Paul A. Harris

Portland, Ore., Jan. 22 – MGM Growth Properties LLC plans to price $500 million of eight-year senior bullet notes in a quick-to-market Tuesday trade, according to market sources.

Initial guidance has the deal coming with a yield in the 5¾% to 6% area.

J.P. Morgan Securities LLC is the lead.

The Las Vegas-based real estate investment trust plans to use the proceeds to repay revolver draws, which were primarily related to payments for acquisitions completed in 2018 or expected to be completed in early 2019.

The issuing entities will be MGM Growth Properties Operating Partnership LP and MGP Finance Co-Issuer, Inc., both consolidated subsidiaries of MGM Growth Properties.

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