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MGM Growth outlines expected capital structure

MGM Resorts International'splanned REIT subsidiary,MGM Growth Properties,on April 1 commenced marketing a senior secured credit facility to prospective lendersand provided details on its expected capital structure, which contemplates $4.15billion of equity and debt financings.

The funds will be used by MGM Growth's operating partnership,which will be formed in connection with the REIT's IPO, to repay approximately $4.00billion of debt assumed from MGM Resorts and approximately $150 million of relatedfees and expenses.

The financings include $800 million of equity proceeds and debtcomprising of a five-year, $600 million revolving credit facility, of which $150million is expected to be drawn at closing with up to another $150 million availableto be drawn; a five-year, $300 million term loan A facility; a $1.85 billion termloan B facility; and a $1.05 billion offering of senior unsecured notes to be issuedin a private placement.

Lenders have already committed to the term loan A facility andthe five-year revolver, both of which will see their drawings accrue interest atLIBOR plus 2.75%.