MGM plans to refinance $500 million in debt

18 Dec 2013

By Howard Stutz

LAS VEGAS -- MGM Resorts International said Monday it was refinancing $500 million of the company’s debt which is coming due in February.

The casino operator proposed issuing new debt due in March 2020 and would use the proceeds “for general corporate purposes,” which could include repaying some of the outstanding debt that matures in February.

In a statement, MGM Resorts said the debt would be guaranteed by “substantially all of the company’s wholly owned domestic subsidiaries.”

MGM Resorts had a little more than $13 billion in long-term debt as of Sept. 30.

“MGM’s proposed note issuance will push out debt maturities thereby improving the company’s liquidity position,” Moody’s Investor Services Vice President Peggy Holloway said in a statement.

Language: English Location: Currency: > edit my preferences Home Online Slots Live Dealer Games Online Casinos Online Poker Online Bingo Games Lotteries Sports & Racebooks Fantasy Sports Forex Betting Exchanges Spread Betting Binary Options Exclusive Bonuses Weekly Newsletter Online Gaming News Payment Methods Gaming Software Gaming Site Owners Gaming Jurisdictions		Bonuses! New games! Gossip! And all the player news you can handle. Sign up NOW! View the current issue Howard Stutz More about Howard Stutz More articles by Howard Stutz
	MGM plans to refinance $500 million in debt 18 Dec 2013 By Howard Stutz <a href='https://ad.casinocity.com/adclick.php?n=a21efcd1'><img src='https://ad.casinocity.com/adview.php?what=-site:vendors/width:250/RON&n=a21efcd1' border='0' alt='' /></a> LAS VEGAS -- MGM Resorts International said Monday it was refinancing $500 million of the company’s debt which is coming due in February. The casino operator proposed issuing new debt due in March 2020 and would use the proceeds “for general corporate purposes,” which could include repaying some of the outstanding debt that matures in February. In a statement, MGM Resorts said the debt would be guaranteed by “substantially all of the company’s wholly owned domestic subsidiaries.” MGM Resorts had a little more than $13 billion in long-term debt as of Sept. 30. “MGM’s proposed note issuance will push out debt maturities thereby improving the company’s liquidity position,” Moody’s Investor Services Vice President Peggy Holloway said in a statement. Copyright GamingWire. All rights reserved.