Las Vegas-based MGM Growth Properties Operating Partnership LP and MGP Finance Co-Issuer Inc., consolidated subsidiaries of MGM Growth Properties LLC, recently revealed that the Issuers propose to offer $500 million in aggregate principal amount of senior notes due 2027.
The Issuers plan to use the proceeds of the offering to repay revolver draws, which were primarily related to payments for acquisitions completed in 2018 or expected to be completed in early 2019 and to pay fees and expenses related to the offering.
According to a prepared statement, the notes proposed to be offered will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and may not be offered or sold in the United States or to any U.S. persons absent registration under the Securities Act, or pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.
The notes will be offered only to “qualified institutional buyers” under Rule 144A of the Securities Act or, outside the United States, to persons other than “U.S. persons” in compliance with Regulation S under the Securities Act.