MGM Growth launches $1.82 billion term B at Libor plus 175-200 bps

By Sara Rosenberg

New York, March 12 – MGM Growth Properties Operating Partnership LP held a lender call at 2 p.m. ET on Monday to launch a $1,818,000,000 seven-year covenant-light term loan B that is talked at Libor plus 175 basis points to 200 bps with a 0% Libor floor and an original issue discount of 99.75, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Bank of America Merrill Lynch is the left lead arranger on the deal.

Commitments are due at noon ET on Friday, the source added.

Proceeds will be used to amend and extend an existing term loan B due April 25, 2023.

MGM Growth Properties is a Las Vegas-based real estate investment trust engaged in the acquisition, ownership and leasing of large-scale destination entertainment and leisure resorts.

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