CityCenter Holdings, LLC Announces Successful Closing Of Debt Refinancing

  CityCenter Holdings, LLC Announces Successful Closing Of Debt Refinancing

PR Newswire

LAS VEGAS, Oct. 16, 2013



LAS VEGAS, Oct. 16, 2013 /PRNewswire/ --CityCenter Holdings, LLC (the
"Company") announced today that it has closed its previously announced $1.775
billion senior secured credit facilities. The new senior secured credit
facilities are comprised of a $75 million revolving facility which matures in
October 2018 as well as a $1.7 billion term loan B facility which matures in
October 2020. The term loan B facility will bear interest at LIBOR plus 4.00%
with a LIBOR floor of 1.00%. The term loan B facility was issued at 99% of
the principal amount.

"The market's overwhelming support for this transaction reflects the continued
improvement in CityCenter's operations," said Bobby Baldwin, President and
CEO of the Company. "The refinancing has allowed us to extend our maturity
profile and reduce our annual interest cost by approximately $80 million,
which we believe will further strengthen CityCenter's future free cash flow."

Concurrently with the closing of the new senior secured credit facilities, the
Company issued a notice of full redemption with respect to its existing7.625%
senior secured first lien notes and 10.75% senior secured second lien PIK
toggle notes, deposited sufficient funds to discharge the notes on November
14, 2013 (which deposit was made with the proceeds of the new term loan B plus
cash on hand) and discharged each of the indentures for its first and second
lien notes in accordance with the terms of such indentures. The new revolving
facility was undrawn at closing and is anticipated to be used for general
corporate purposes.

As a result of the refinancing transactions, the Company expects that it will
recognize a substantial charge in the fourth quarter of 2013 related primarily
to fees and other expenses associated with the refinancing transactions,
primarily consisting of premiums in connection with the redemption of the
Company's existing first and second lien notes.

CityCenter is an urban mixed-use development on the Las Vegas Strip that
includes ARIA Resort & Casino, a 4,004-room casino resort; Mandarin Oriental
Las Vegas, a 392-room non-gaming boutique hotel with 225 luxury condominium
residences; Crystals, a retail district consisting of approximately 357,000
square feet of leasable retail space; Vdara Hotel and Spa, a 1,495-room luxury
hotel-condominium; and the Veer Towers, which contain 669 luxury condominium
residences. CityCenter opened in December 2009. For more information about
CityCenter, visit the development's website at: www.citycenter.com.

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).

Statements in this release that are not historical facts are forward-looking
statements and involve risks and/or uncertainties, including those described
in the company's public filings with the Securities and Exchange Commission or
posted to its investor relations website. The Company has based
forward-looking statements on management's current expectations and
assumptions and not on historical facts. Examples of these statements include,
but are not limited to, statements regarding anticipated savings due to
reduced interest expense and the magnitude of the expected charge in the
fourth quarter of 2013. These forward-looking statements involve a number of
risks and uncertainties. Among the important factors that could cause actual
results to differ materially from those indicated in such forward-looking
statements include effects of economic conditions and market conditions and
additional risks and uncertainties described in our Form 10-K, Form 10-Q and
Form 8-K reports (including all amendments to those reports) posted to our
investor relations website. In providing forward-looking statements, the
Company is not undertaking any duty or obligation to update these statements
publicly as a result of new information, future events or otherwise, except as
required by law. If the Company updates one or more forward-looking
statements, no inference should be drawn that it will make additional updates
with respect to those other forward-looking statements.

SOURCE CityCenter Holdings, LLC

Contact: Investment Community, DANIEL D'ARRIGO, Executive Vice President, CFO
& Treasurer, MGM Resorts International, (702) 693-8895, or News Media, CLARK
DUMONT, Senior Vice President of Corporate Communications, MGM Resorts
International, (702) 891-1863 or cdumont@mgmresorts.com