Fox Serves as NJ Counsel to MGM Resorts International in Pricing of $750 Million in Senior Notes

October 20, 2020 – Press Releases

Fox Rothschild LLP’s Gaming Law Practice Co-Chair Nicholas Casiello Jr. and Corporate Partner Maureen E. Kerns served as New Jersey special and gaming counsel to MGM Resorts International (NYSE:  MGM) in its successful pricing and offering of $750 million in senior notes.

The issuance, which closed on Oct. 13, was upsized from an initial aggregate principal amount of $500 million, providing MGM with additional liquidity.

The senior notes were priced at 4.750%, due 2028, and are guaranteed by substantially all the company’s wholly owned domestic subsidiaries that guarantee the company’s other senior indebtedness.

The Fox team generated two New Jersey underwriting opinions on behalf of MGM, which intends to use the net proceeds from the offering for general corporate purposes and possible debt refinancing.

BofA Securities, Inc., J.P. Morgan Securities LLC, Barclays Capital Inc., Citigroup Global Markets Inc., BNP Paribas Securities Corp., Citizens Capital Markets, Inc., Fifth Third Securities, Inc., Scotia Capital (USA) Inc. and SMBC Nikko Securities America, Inc. will act as joint book-running managers and Credit Agricole Securities (USA) Inc., Truist Securities, Inc., Comerica Securities, Inc. and Union Gaming Securities, LLC will act as co-managers for the proposed offering.