MGM Resorts to offer $500 million in notes
Tuesday, October 26, 2010
LAS VEGAS (AP) — MGM Resorts International says it will offer $500 million in notes due in 2016 and priced slightly below their face value.
The Las Vegas-based company said it would offer the notes in a private placement at a price of 98.9 percent.
The sale would raise $494.5 million for MGM Resorts.
The company says it plans to use the proceeds to pay part of the $1.2 billion it owes under its senior credit facility.
MGM Resorts’ shares fell 25 cents, or 2.2 percent, to $10.99 on Monday.