Cahill Represents Lead Banks in $525 Million Credit Facility for MGM National Harbor
Cahill represented Bank of America, N.A. as administrative agent, Merrill Lynch, Pierce, Fenner & Smith Incorporated as lead arranger, and Fifth Third Bank, BNP Paribas Securities Corp., Credit Agricole Corporate and Investment Bank, and Sumitomo Mitsui Banking Corporation as arrangers, in connection with a $425,000,000 Term A loan, and a $100,000,000 revolving credit facility for MGM National Harbor, LLC, a subsidiary of MGM Resorts International. Proceeds from the facility will be used in connection with the construction of the new MGM National Harbor, a world-class destination resort casino at National Harbor, Maryland.
Once constructed, the 24-story, 308-room resort will feature premier amenities and experiences for locals as well as visitors from around the world including a dynamic casino with over 125,000 square feet of space that includes slots, table games and poker; a world-class spa and salon; an entertainment theater with flexible seating for up to 3,000; high-end branded retail; 27,000 square feet of meeting space; and restaurants from renowned local, national and international chefs.
The project is expected to be completed in mid-2016.