MGM enters uncapped completion guarantee for Osaka IR project; 50% share with ORIX

MGM Resorts International

MGM and ORIX each severally guarantee 50% of construction costs and completion of the Osaka IR venture.
Support Letter dated March 29, 2024, induces debt financing from MUFG Bank and Sumitomo Mitsui Banking.
Guarantee Letters are uncapped; Keep-Well Letter from Sep 2023 also remains until full opening.
Obligations under Support Letter determined by equal voting ratios (50/50) between MGM and ORIX.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MGM Resorts International entered into Core Shareholders, etc. Support Letter with ORIX Corporation, MGM Resorts Japan, LLC, Osaka IR KK, MUFG Bank, Ltd., Sumitomo Mitsui Banking Corporation (effective 2024-03-29).

Action: entry
Counterparty: ORIX Corporation, MGM Resorts Japan, LLC, Osaka IR KK, MUFG Bank, Ltd., Sumitomo Mitsui Banking Corporation
Effective: 2024-03-29

Exact text from the filing

MGM Resorts International (the “Company”) entered into a Core Shareholders, etc. Support Letter, dated as of March 29, 2024 (the “Support Letter”) by and between, among others, the Company as completion guarantor, MGM Resorts Japan, LLC as core shareholder (“MGM Resorts Japan”), ORIX Corporation as core shareholder and completion guarantor (“ORIX”), Osaka IR KK as borrower (the “Venture”), MUFG Bank, Ltd. as facility agent and Sumitomo Mitsui Banking Corporation as security agent.

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Source: SEC EDGAR

accession 0000789570-24-000009

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