MGM RESORTS INTERNATIONAL (NYSE:MGM) Files An 8-K Entry into a Material Definitive Agreement

MGM RESORTS INTERNATIONAL (NYSE:MGM) Files An 8-K Entry into a Material Definitive Agreement

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Item 1.01

Entry into a Material Definitive
Agreement.

On December21, 2018, MGM Resorts International (the Company), the
other loan parties and lenders named therein and Bank of America,
N.A. (the Administrative Agent), entered into a First Amendment
(the Amendment) to the Amended and Restated Credit Agreement,
dated as of April25, 2016, among the Company, the lenders from
time to time party thereto and the Administrative Agent (as
amended, the Credit Agreement).

The Amendment increased and extended the revolving facility to
provide for $1,500million in borrowing capacity due 2023 and
increased and extended the existing term loan A facility to
$750million due 2023. In addition, the revolving and term loan A
facilities were repriced such that if total net leverage exceeds
4.25x the per annum rate would be LIBOR plus 2.25%; if total net
leverage is greater than 3.50x but less than or equal to 4.25x
the per annum rate would be LIBOR plus 2.00%; if total net
leverage is greater than 2.75x but less than or equal to 3.50x
the per annum rate would be LIBOR plus 1.75%; and if the total
net leverage is less than or equal to 2.75x the per annum rate
would be LIBOR plus 1.50%. Finally, the Amendment provided for
certain other covenant modifications. The foregoing description
of the Amendment is qualified in its entirety by reference to the
full text of the Amendment, which is attached hereto as
Exhibit10.1.

The representations, warranties and covenants contained in the
Amendment were made only for purposes of the Amendment and as of
the specific date (or dates) set forth therein, were solely for
the benefit of the parties to the Amendment and are subject to
certain limitations as agreed upon by the contracting parties. In
addition, the representations, warranties and covenants contained
in the Amendment may be subject to standards of materiality
applicable to the contracting parties that differ from those
applicable to investors. Investors are not third-party
beneficiaries of the Amendment and should not rely on the
representations, warranties and covenants contained therein, or
any descriptions thereof, as characterizations of the actual
state of facts or conditions of the Company. Moreover,
information concerning the subject matter of the representations
and warranties may change after the date of the Amendment, which
subsequent developments may not be reflected in the Companys
public disclosure.

Item 1.01. Creation of a Direct Financial Obligation or an
Obligation under anOff-BalanceSheet Arrangement of a
Registrant.

The information set forth in Item 1.01 with respect to the
Agreement is incorporated by reference into this Item 1.01.

Item 1.01

Financial Statements and Exhibits.

(a) Not applicable.

(b) Not applicable.

(c) Not applicable.

(d) Exhibits:

Exhibit

No.

Description

10.1 First Amendment, dated as of December21, 2018, to the Amended
and Restated Credit Agreement, dated as of April 25, 2016
among the Company, the Administrative Agent and the other
parties lenders thereto

2


MGM Resorts International Exhibit
EX-10.1 2 d677417dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 Execution Version FIRST AMENDMENT TO CREDIT AGREEMENT This FIRST AMENDMENT TO CREDIT AGREEMENT (this “First Amendment”),…
To view the full exhibit click here

About MGM RESORTS INTERNATIONAL (NYSE:MGM)

MGM Resorts International is a holding company. The Company owns and operates casino resorts. It operates in two segments: wholly owned domestic resorts and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail and other resort amenities. It has additional business activities, including its investments in unconsolidated affiliates, and other corporate and management operations. Its wholly owned domestic resorts consisted of casino resorts in Las Vegas, Nevada, which includes Bellagio, MGM Grand Las Vegas, Mandalay Bay, The Mirage, Luxor, New York-New York, Excalibur, Monte Carlo and Circus Circus Las Vegas. It also operates other casinos, which includes MGM Grand Detroit in Detroit, Michigan; Beau Rivage in Biloxi, Mississippi, and Gold Strike Tunica in Tunica, Mississippi. MGM China’s operations consist of the MGM Macau resort and casino and the development of an integrated casino, hotel, and entertainment resort on the Cotai Strip in Macau.

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