LAS VEGAS, March 15, 2021 /PRNewswire/ — MGM Expansion Homes LLC (NYSE: MGP) (the “Company”) right now declared that it has closed its formerly introduced underwritten adhere to-on general public presenting of 21,850,000 Course A shares (the “shares”), which contains 2,850,000 shares which have been offered pursuant to the exercise in whole by the underwriters of their above-allotment possibility, at a general public offering price tag of $32.15 per share. The Organization obtained proceeds from the supplying, net of the underwriters’ price cut, of somewhere around $676.1 million.
On March 4, 2021, the Enterprise received a detect of redemption from sure subsidiaries of MGM Resorts Worldwide (“MGM”) covering 37.1 million operating partnership models of MGM Advancement Properties Operating Partnership LP, a consolidated subsidiary of the Company, held by this sort of MGM subsidiaries. The Organization applied the proceeds of the featuring, net of the underwriters’ low cost, to redeem 21.8 million of these types of working partnership units (inclusive of the underwriter’s more than-allotment choice) to partially fulfill its obligations underneath the redemption detect, with the remaining 15.3 million running partnership models redeemed making use of dollars on hand on March 12, 2021.
“The productive completion of our stick to-on offering and the redemption of 37.1 million working partnership models from MGM Resorts marks an additional milestone for MGP,” claimed James Stewart, CEO of the Organization. “This redemption was mid-solitary digit accretive to AFFO per share as a end result of the about 15.3 million units we procured utilizing money on hand, resulted in an maximize to our community float by 17% and even more bolstered the liquidity of our tenant, MGM Resorts.”
BofA Securities, J.P. Morgan, Barclays and Scotiabank acted as joint direct book-operating managers for the supplying. BNP PARIBAS, Citizens Capital Markets, Credit history Agricole CIB, Fifth 3rd Securities and SMBC Nikko acted as joint ebook-operating professionals for the providing. Deutsche Lender Securities, Evercore ISI, Morgan Stanley, Truist Securities and UBS Expense Bank acted as senior co-supervisors for the offering. KeyBanc Cash Marketplaces, Ladenburg Thalmann, Raymond James and Union Gaming acted as co-supervisors for the featuring.
The providing of these securities was made only pursuant to an powerful shelf registration assertion formerly filed by the Business with the Securities and Exchange Fee (“SEC”), including a prospectus health supplement and accompanying prospectus forming aspect of the efficient registration statement relating to the shares, copies of which may well be obtained from BofA Securities, NC1-004-03-43, 200 North Faculty Avenue, 3rd floor, Charlotte, NC 28255-0001, Attn: Prospectus Office, Electronic mail: [email protected] J.P. Morgan, c/o Broadridge Financial Options, 1155 Very long Island Avenue, Edgewood, New York 11717, Phone: (866) 803-9204 Barclays, c/o Broadridge Fiscal Remedies, 1155 Very long Island Avenue, Edgewood, NY 11717, [email protected], (888) 603-5847 Scotiabank, Consideration: Fairness Funds Marketplaces, 250 Vesey Avenue, 24th Flooring, New York, New York, 10281, or by telephone at 1-212-225-6853 or by email at [email protected] or by viewing the EDGAR databases on the SEC’s internet site at www.sec.gov.
This push launch does not constitute an present to promote or a solicitation of an present to buy the shares, nor shall there be any provide, solicitation or sale of any shares in any jurisdiction in which this kind of provide, solicitation or sale would be illegal.
About MGM Progress Attributes
MGM Progress Properties LLC (NYSE:MGP) is a person of the primary publicly traded actual estate investment decision trusts engaged in the acquisition, possession and leasing of big-scale destination leisure and leisure resorts, whose various facilities involve casino gaming, hotel, convention, dining, entertainment and retail choices. MGP, with each other with its joint enterprise, presently owns a portfolio of homes, consisting of 12 leading vacation spot resorts in Las Vegas and elsewhere throughout the United States, MGM Northfield Park in Northfield, OH, Empire Vacation resort Casino in Yonkers, NY, as effectively as a retail and entertainment district, The Park in Las Vegas. As of December 31, 2019, our vacation spot resorts, the Park, Empire Vacation resort Casino, and MGM Northfield Park collectively comprised roughly 27,400 lodge rooms, 1.4 million on line casino square footage, and 2.7 million conference sq. footage. As a development-oriented community authentic estate entity, MGP expects its romance with MGM Resorts and other amusement providers to attractively position MGP for the acquisition of extra properties across the leisure, hospitality and leisure industries. For much more facts about MGP, stop by the Company’s internet site at http://www.mgmgrowthproperties.com.
Statements in this release that are not historical specifics are “forward-looking” statements and “safe harbor statements” inside of the this means of the Non-public Securities Litigation Reform Act of 1995 that require challenges and/or uncertainties, together with these explained in the Company’s community filings with the SEC. Forward-wanting statements are centered on management’s present expectations and assumptions and not on historical information. Examples of these statements include things like, but are not restricted to, the Company’s anticipations about the ongoing effect of the COVID-19 pandemic on its business enterprise and the business enterprise of its tenant, the Company’s skill to keep on to increase its dividend, correctly execute on its company strategy and obtain additional attributes in accretive transactions. Simply because ahead-searching statements relate to the upcoming, they are issue to inherent uncertainties, pitfalls, and modifications in circumstances that are tough to forecast. The Company’s true final results could differ materially from these contemplated by the forward-wanting statements. They are neither statements of historic fact nor ensures or assurances of long term effectiveness. Therefore, we caution you from relying on any of these forward-seeking statements. Between the important things that could induce true effects to vary materially from those people indicated in this sort of forward-looking statements incorporate hazards linked to the Company’s means to get, or delays in obtaining, any regulatory approvals demanded to personal its attributes, or other delays or impediments to completing the Company’s prepared acquisitions or assignments, which includes any acquisitions of attributes from MGM the final timing and outcome of any prepared acquisitions or assignments the Company’s potential to retain its status as a REIT the availability of and the capability to discover appropriate and appealing acquisition and development alternatives and the capacity to get and lease these homes on favorable terms the Company’s capability to access money by way of credit card debt and fairness marketplaces in amounts and at premiums and expenditures acceptable to the Firm adjustments in the U.S. tax regulation and other condition, federal or local rules, regardless of whether or not precise to REITs or to the gaming or lodging industries and other variables explained in the Company’s periodic reports submitted with the SEC. In providing forward-wanting statements, the Business is not undertaking any obligation or obligation to update these statements publicly as a outcome of new information and facts, potential functions or in any other case, other than as required by law. If the Company updates a person or extra ahead-hunting statements, no inference should really be drawn that it will make more updates with regard to individuals other ahead-seeking statements.
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Resource MGM Progress Homes LLC