April 20, 2017 Comments (0) Views: 591 National News, Nevada, West

CityCenter Closes $1.7B Senior Credit Facilities

CityCenter Holdings, LLC, a venture between MGM Resorts International and Infinity World Development Corp., completed a refinancing transaction consisting of a new seven-year, $1.6-billion term loan and a new five-year $125-million revolving credit facility.

CityCenter used the net proceeds from the term loan to refinance the outstanding amount under its existing term loan, pay a $350-million dividend to its members, and pay related fees and expenses. CityCenter also paid its previously announced $250-million dividend from cash on hand, resulting in an aggregate dividend of $600 million to its members.

The venture owns CityCenter, an urban mixed-use development on the Las Vegas Strip that includes ARIA Resort & Casino, Mandarin Oriental Las Vegas, Vdara Hotel and Spa, and the Veer Towers.

Read more at MGM Resorts


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