MGM Resorts International (NYSE:MGM) announced today that CityCenter Holdings, LLC priced $900 million aggregate principal amount of 7.625% senior secured first lien notes due 2016 and $600 million aggregate principal amount of 10.75% senior secured second lien PIK toggle notes due 2017. The interest rate on the senior secured second lien notes increases by 0.75% if CityCenter elects to pay interest in the form of additional debt. These transactions are expected to close on January 21, 2011.
CityCenter Holdings, LLC is a 50/50 joint venture of MGM Resorts International and Infinity World Development Corp. (a wholly owned subsidiary of Dubai World).
CityCenter plans to use the net proceeds from the offering, together with equal equity contributions from its owners totaling approximately $77 million, to reduce the principal balance of its existing senior secured credit facility from approximately $1.85 billion to $500 million, to establish an interest escrow for first lien indebtedness and to pay fees and expenses. The remaining $500 million balance of its senior secured credit facility will be extended to January, 2015 under an amended and restated senior secured credit facility. This senior secured credit facility will be pari passu with the 7.625% senior secured first lien notes.
The notes have not been 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.
MGM Resorts International, through its subsidiaries, owns and operates casino resorts in the United States. The company's resorts offer gaming, hotel, dining, entertainment, retail, and other resort amenities. It also owns and operates golf courses and a golf club. As of November 16, 2010, the company owned and operated 15 properties located in Nevada, Mississippi, and Michigan, and has 50% investments in 4 other properties in Nevada, Illinois, and Macau. In addition, MGM Resorts International has an agreement with the Mashantucket Pequot Tribal Nation, which owns and operates a casino resort under the MGM Grand brand name in Mashantucket, Connecticut. The company was formerly known as MGM MIRAGE and changed its name to MGM Resorts International on June 15, 2010. MGM Resorts International was founded in 1986 and is based in Las Vegas, Nevada.
TRW Automotive Holdings Corp. (NYSE:TRW), the global leader in automotive safety, has launched its next generation Steering Column Control Modules (SCCM) on Ford Motor Company's Super Duty, F-Series, Edge, Explorer and the Lincoln MKX.
The SCCM incorporates high level electronic integration which features functions such as turn signal, headlamp switch inputs, high-low beam selector, front and rear wipe wash, pedal adjust switch, tilt-telescoping steering column switch and motor drivers, hazard warning, steering wheel switch signal processing, steering angle sensing, and the unique feature of electronic turn signal cancel.
TRW's electronic turn signal cancellation features software that can be tuned to any driving situation or customer preference and eliminates customer complaints of failure to cancel. The software based system replaces mechanical mechanisms resulting in lower cost, higher reliability, improved feel, and silent operation. When fully launched, volumes are expected to be approximately 1 million units annually.
In parallel to these launch cycles, TRW is currently developing the next successive generation of SCCM products for Ford's upcoming global vehicle line. The features and benefits of these products will be available to all vehicle manufacturers.
"These programs clearly distinguish TRW as a world leader in the Steering Column Control Module business," says Victor Peltola, sales director for TRW North America Body Control Systems. "We continue to explore ways to add further features and functions to the steering column control modules that help enhance the safety and convenience of onboard systems."
TRW Automotive Holdings Corp., together with its subsidiaries, designs, manufactures, and sells automotive systems, modules, and components for automotive original equipment manufacturers and related after-markets. It operates in four segments: Chassis Systems, Occupant Safety Systems, Electronics, and Automotive Components. The Chassis Systems segment offers product lines relating to steering gears and systems, foundation brakes, brake controls, linkage and suspension, and modules. The Occupant Safety Systems segment provides air bags, seat belts, and steering wheels. The Electronics segment offers product lines relating to safety electronics, radio frequency electronics, chassis electronics, powertrain electronics, and driver assist systems. The Automotive Components segment provides engine valves, body controls, and engineered fasteners and components. The company offers its products for passenger cars, light trucks, and commercial vehicles. TRW Automotive Holdings sells its products in the United States, Germany, and rest of the world. The company was founded in 1904 and is based in Livonia, Michigan.
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