CityCenter Holdings LLC, a joint venture between MGM Resorts International and Dubai World's Infinity World Development Corp., has priced a $1.5 billion senior secured notes offering.
The offering includes $900 million 7.625 percent senior secured first lien notes due 2016 and $600 million 10.75 percent senior secured second lien notes due 2017.
CityCenter said Friday that it expects to use the offering's proceeds, combined with about $77 million in equity contributions from its owners, to lower the balance of its existing senior secured credit agreement to $500 million from $1.85 billion, to create an interest escrow for first lien debt and to pay fees and expenses.
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