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MGM Growth Properties launches exchange offer.

BANKING AND CREDIT NEWS-January 12, 2018-MGM Growth Properties launches exchange offer

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MGM Growth Properties Operating Partnership LP and MGP Finance Co-Issuer, Inc. (the "Issuers"), consolidated subsidiaries of MGM Growth Properties LLC (NYSE: MGP), has announced that they have commenced an offer to exchange any and all of their outstanding USD 350,000,000 in aggregate principal amount of 4.500% Senior Notes due 2028 (the "Initial Notes") for new 4.500% Senior Notes due 2028 (the "Exchange Notes"), the company said.

The exchange offer is being made pursuant to Registration Rights Agreement entered into by the Issuers when they originally issued the Initial Notes. Since the Issuers issued the Initial Notes in a private placement transaction, the Initial Notes are subject to transfer restrictions. The purpose of the exchange offer is to allow holders of the Initial Notes to exchange their notes for Exchange Notes that do not have these restrictions.

The terms of the Exchange Notes to be issued in the exchange offer are substantially the same as the terms of the Initial Notes, except that the Exchange Notes will be registered under the Securities Act and will have no transfer restrictions under the federal securities laws, no registration rights and no rights to additional interest. Initial Notes that are not exchanged will continue to be subject to the existing transfer restrictions under the federal securities laws and the Issuers will have no further obligation to provide for the registration of such notes except under certain limited circumstances.

The exchange offer will expire at 5:00 p.m. New York City time, on February 5, 2018 unless extended by the Issuers. Valid tenders of the Initial Notes must be made, and may be withdrawn at any time, before the exchange offer expires.

MGM Growth Properties LLC (NYSE: MGP) is one of the publicly traded real estate investment trusts engaged in the acquisition, ownership and leasing of large-scale destination entertainment and leisure resorts, whose diverse amenities include casino gaming, hotel, convention, dining, entertainment and retail offerings. For more information about MGP, visit the company's website at http://www.mgmgrowthproperties.com.

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Publication:M2 Banking & Credit News (BCN)
Date:Jan 12, 2018
Words:369
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