LAS VEGAS, June 15, 2018 /PRNewswire/ -- MGM Growth Properties LLC MGP (the "Company") today announced that it has successfully amended its operating partnership's credit agreement to provide for a $750 million increase and extension of the revolving facility to $1,350 million due 2023, extend the maturity date of the existing $270 million term loan A facility to 2023 and provide for a new $200 million delayed draw term loan A due 2023.

In addition, the revolving and term loan A facilities were repriced such that if total net leverage exceeds 5.75x the per annum rate would be LIBOR plus 2.25%; if total net leverage is greater than 5.25x but less than or equal to 5.75x the per annum rate would be LIBOR plus 2.00% (which is consistent with the current rate applicable to the term loan B facility); and if the total net leverage is less than or equal to 5.25x the per annum rate would be LIBOR plus 1.75% (which is consistent with what the current rate applicable to the term loan B facility would be if the operating partnership received an upgrade from either rating agency). All other material provisions of the existing credit facility remain unchanged.

"This increase in the term loan A and revolving credit facilities provides us with the flexibility to finance our recently announced acquisitions and additional liquidity for future investments. We lowered our cost of capital with the repricing, and the extension positions MGP to successfully execute on our business strategy," said Andy Chien, CFO of MGM Growth Properties. "We appreciate the continued support of our lenders and the additional funding capacity provided by this amendment as we continue to look for accretive transactions to grow our real estate portfolio."

In addition, the conditions applicable to the previously announced extension of the term loan B facility to 2025, were satisfied in connection with this amendment.

About MGM Growth Properties LLC

MGM Growth Properties LLC MGP is one of the leading publicly traded real estate investment trusts engaged in the acquisition, ownership and leasing of large-scale destination entertainment and leisure resorts, whose diverse amenities include casino gaming, hotel, convention, dining, entertainment and retail offerings. MGP currently owns a portfolio of properties, consisting of 11 premier destination resorts in Las Vegas and elsewhere across the United States, and the Park, a dining and entertainment complex which opened in April 2016. As of December 31, 2017, these properties collectively comprise over 27,500 hotel rooms, 2.7 million convention square footage, 100 retail outlets, 200 food and beverage outlets and 20 entertainment venues. As a growth-oriented public real estate entity, MGP expects its relationship with MGM Resorts and other entertainment providers to attractively position MGP for the acquisition of additional properties across the entertainment, hospitality and leisure industries that may be developed in the future. For more information about MGP, visit the Company's website at http://www.mgmgrowthproperties.com.

Forward-Looking Statements

This press release includes "forward-looking" statements and "safe harbor statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including those described in MGP's public filings with the Securities and Exchange Commission. MGP has based forward-looking statements on management's current expectations and assumptions and not on historical facts. 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 risks related to MGP's ability to receive, or delays in obtaining, any regulatory approvals required to own its properties, or other delays or impediments to completing MGP's planned acquisitions or projects, including any acquisitions of properties from MGM; the ultimate timing and outcome of any planned acquisitions or projects; MGP's ability to maintain its status as a REIT; the availability of and the ability to identify suitable and attractive acquisition and development opportunities and the ability to acquire and lease those properties on favorable terms; MGP's ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to MGP; changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs or to the gaming or lodging industries; and other factors described in MGP's periodic reports filed with the Securities and Exchange Commission. In providing forward-looking statements, MGP 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 MGP 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.

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SOURCE MGM Growth Properties LLC