News

On 21 Jan 2011, CityCenter Holdings, LLC announced it had issued $900 miilion aggregate principal amount of its 7.625% senior secured first lien notes due 2016 and $600 million aggregate principal amount of its 10.75% senior secured second lien PIK toggle notes due 2017. Net proceeds from offering were used to reduce the outstanding principal balance of the Company’s senior secured credit facilities from approximately $.185 billion to $500 million, to establish an interest escrow for the Company’s first lien notes and remaining senior credit facilities balance for approximately 18 months, and to pay fees and expenses associated with the transactions. The remaining $500 million balance of senior secured credit facilities was also extended to 21 Jan 2015.

MGM Resorts is scheduled to announce their quarterly result on 14 Feb 2011.

Implications

We believe the successful completion of the $1.5 billion financing will provide MGM ...