 Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter! |
Gaming News
Boyd Gaming, MGM Mirage Complete Second Phase of Borgata Financing17 July 2002LAS VEGAS – (Press Release) -- Boyd Gaming Corporation (NYSE: BYD) and MGM Mirage (NYSE: MGG) today announced that they have completed and funded a $187.5 million term loan as part of the $630 million bank credit facility that is financing the construction of their jointly-owned Borgata Hotel, Casino and Spa at Renaissance Pointe in Atlantic City. The term loan, which replaces a bridge loan commitment that had been in place since December 2000, was provided by a group of institutional lenders. The proceeds were used to repay the outstanding balance on Borgata's construction loan, which amounts may be reborrowed as construction progresses. CIBC World Markets and Lehman Brothers acted as arrangers for the term loan. Headquartered in Las Vegas, Boyd Gaming Corporation (NYSE: BYD) is a leading diversified owner and operator of 12 gaming entertainment properties located in Nevada, Mississippi, Illinois, Indiana and Louisiana. Boyd Gaming is also developing "The Borgata", a $1 billion entertainment destination resort in Atlantic City, through a joint venture with MGM Mirage. |