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Best of Howard Stutz

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Howard Stutz
 

MGM plans to refinance $500 million in debt

18 December 2013

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.
MGM plans to refinance $500 million in debt is republished from Online.CasinoCity.com.