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MGM Resorts to offer $500 million in notes

MGM Resorts to offer $500 million in notes

October 26th, 2010 in News

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.