MGM Resorts declares US1 billion senior notes offering

first_imgMGM Resorts International has proposed a public offering of US$1 billion in aggregate principal amount of 5.750% senior notes due 2025.In an early Friday announcement local time, MGM said that the company intends to use the net proceeds from the offering of the notes for “general corporate purposes” which could include refinancing existing debt, funding the cost of acquisitions, paying dividends on common stock or repurchasing common stock in accordance with the company’s share repurchase program. Load More IGT announces offering of €500,000,000 senior secured notes Melco to raise US$600 million via senior notes offering RelatedPosts Wynn Resorts to undergo internal restructure as part of refinancing plan “Pending such use, the company may invest the net proceeds in short-term interest-bearing accounts, securities or similar investments,” it said.MGM had earlier announced that its public offering would be in the aggregate amount of US$500 million before upsizing the offer, adding that the transaction is expected to close on 18 June 2018.The notes being offered will be general unsecured senior obligations of the company, “guaranteed by substantially all of the company’s wholly owned domestic subsidiaries that guarantee the company’s other senior indebtedness and equal in right of payment with all existing or future senior unsecured indebtedness of the company and each guarantor.”Citigroup Global Markets Inc., BofA Merrill Lynch, Barclays Capital Inc, BNP Paribas Securities Corp, Fifth Third Securities, Inc, J.P. Morgan Securities LLC and SMBC Nikko Securities America, Inc are acting as joint book-running managers.last_img

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