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MGM RESORTS INTERNATIONAL

(MGM)
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MGM Resorts International Enters into Secured Credit Agreement Among the Company, the Lenders from Time to Time Party Thereto and Bank of America, N.A

11/26/2021 | 05:01pm EST

On November 24, 2021, MGM Resorts International entered into a secured credit agreement among the Company, the lenders from time to time party thereto and Bank of America, N.A., as Administrative Agent (the ?Credit Agreement?). The Credit Agreement is comprised of a $1.675 billion secured revolving facility (the ?Revolving Credit Facility?). The interest rate of the Revolving Credit Facility will be determined by reference to a rent adjusted total net leverage ratio pricing grid, which would result in an interest rate of Daily Simple SOFR (or Term SOFR) plus 1.50% to 2.25%. The Revolving Credit Facility will mature in November 2026. In connection with the entry into the new Credit Agreement, the Company?s existing Credit Agreement, dated as of February 14, 2020, was repaid in full and the revolving commitments were terminated. The Credit Agreement governing the Revolving Credit Facility contains customary covenants that, among other things, limit the ability of the Company and its restricted subsidiaries to: (i) incur additional indebtedness; (ii) merge with a third party or engage in other fundamental changes; (iii) make restricted payments; (iv) enter into, create, incur or assume any liens; (v) make certain sales and other dispositions of assets; (vi) enter into certain transactions with affiliates; (vii) make certain payments on certain other indebtedness; (viii) make certain investments; and (ix) incur restrictions on the ability of restricted subsidiaries to make certain distributions, loans or transfers of assets to the Company or any restricted subsidiary. These covenants are subject to a number of important exceptions and qualifications. The Credit Agreement requires the Company to comply with a financial covenant, which may restrict the Company?s ability to incur additional debt to fund its obligations in the near term. Mandatory prepayments of the credit facilities will be required upon the occurrence of certain events, including sales of certain assets, subject to certain exceptions. The Credit Agreement also provides for customary events of default, including, without limitation, (i) payment defaults, (ii) inaccuracies of representations and warranties, (iii) covenant defaults, (iv) cross-defaults to certain other indebtedness in excess of specified amounts, (v) certain events of bankruptcy and insolvency, (vi) judgment defaults in excess of specified amounts, (vii) actual or asserted invalidity or impairment of any loan documentation, (viii) following the granting of liens on collateral, the security documents cease to create a valid and perfected first priority lien on any material portion of the collateral, (ix) ERISA defaults, and (x) change of control. The Revolving Credit Facility is guaranteed by each of the Company?s existing direct and indirect wholly-owned material domestic restricted subsidiaries, subject to certain exclusions. The Revolving Credit Facility is, subject to receipt of gaming approvals, secured by a pledge of the equity in certain of the Company?s domestic operating properties. This description of the Credit Agreement is qualified in its entirety by reference to the full text of the Credit Agreement attached hereto as Exhibit 10.1. Exhibits and schedules that have been excluded from the text of the Credit Agreement attached hereto will be supplementally furnished to the Commission upon request.


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Financials (USD)
Sales 2021 9 367 M - -
Net income 2021 1 156 M - -
Net Debt 2021 6 120 M - -
P/E ratio 2021 18,0x
Yield 2021 0,02%
Capitalization 19 485 M 19 485 M -
EV / Sales 2021 2,73x
EV / Sales 2022 1,67x
Nbr of Employees 54 000
Free-Float -
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Mean consensus OUTPERFORM
Number of Analysts 16
Last Close Price 41,55 $
Average target price 53,49 $
Spread / Average Target 28,7%
EPS Revisions
Managers and Directors
William Joseph Hornbuckle President, Chief Executive Officer & Director
Jonathan S. Halkyard Chief Financial Officer & Treasurer
Paul Jude Salem Chairman
Tilak Mandadi Chief Strategy, Innovation & Technology Officer
Corey I. Sanders Chief Operating Officer
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