MGM Resorts International Presents at Barclay's High Yield and Syndicated Loan Conference, May-21-2013 04:05 PM. Venue: JW Marriott Chicago, 151 W. Adams Street, Chicago, Illinois, United States. Speakers: Sarah Rogers, Vice President.

MGM Resorts International announced that it has successfully completed a re-pricing of its approximately $1.75 billion term loan B facility. The term loan B facility will bear interest at LIBOR plus 2.50%, with a LIBOR floor of 1.00%, a 75 basis point reduction compared to prior rate of LIBOR plus 3.25% with a LIBOR floor of 1.00%. All other principal provisions of the Company's existing credit facility remain unchanged. The closing of the re-pricing is scheduled to be completed on May 14, 2013, subject to the execution of definitive documentation and the satisfaction of customary closing conditions.

MGM Resorts International announced that it has commenced an offer to exchange any and all of its outstanding $1.0 billion aggregate principal amount of 6.750% senior notes due 2020 for new 6.750% senior notes due 2020 that have been registered under the securities act of 1933, as amended. The exchange offer is being made pursuant to a registration rights agreement entered into by the company when it originally issued the initial notes on September 19, 2012. Since the company issued the initial notes in a private placement transaction, the initial notes are subject to transfer restrictions. The purpose of the exchange offer is to allow holders of the initial notes to exchange their notes for new notes that do not have these restrictions. The terms of the new notes to be issued in the exchange offer are substantially the same as the terms of the initial notes, except that the new notes will be registered under the Securities Act, will have no transfer restrictions under the federal securities laws, no registration rights and no rights to additional interest. Initial notes that are not exchanged will continue to be subject to the existing transfer restrictions under the federal securities laws and the company will have no further obligation to provide for the registration of such notes except under certain limited circumstances. The exchange offer will expire at 5:00 p.m. New York City time, on May 31, 2013, unless extended by the company. Valid tenders of the initial notes must be made, and may be withdrawn at any time, before the exchange offer expires.