CityCenter Holdings, owned by MGM Resorts International and Infinity World Development, has raised $1.5 billion in a sale of notes in two parts. The senior secured first-lien and senior secured second-lien notes were sold in the 144a private placement market.
CityCenter is planning to use the net proceeds, together with equal equity contributions from its owners totaling about $77 million, to lower the principal balance of its existing senior secured credit facility from around $1.85 billion to $500 million. The Las Vegas casino appointed Bank of America Merrill Lynch, Barclays and Royal Bank of Scotland as the active joint bookrunning managers for the deal, adds Reuters.
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