Paul Hastings Advises Dubai World in CityCenter Holdings $2 Billion Financing
Los Angeles, CA (January 27, 2011) - Paul, Hastings, Janofsky & Walker, a leading global law firm, announced today that the firm advised Infinity World Development Corp, a wholly owned subsidiary of Dubai World, in the successful $2 billion financing of CityCenter Holdings, LLC, a 50/50 joint venture of Infinity World and MGM Resorts International.
CityCenter issued $900 million aggregate principal amount of 7.625% senior secured first lien notes due 2016 and $600 million aggregate principal amount of 10.75% senior secured second lien PIK toggle notes due 2017. The company is using the proceeds from the notes offering to, among other things, reduce the outstanding balance on its senior secured credit facilities from approximately $1.85 billion to $500 million.
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