NEW YORK – MGM Resorts (NYSE:MGM) International (NYSE: MGM), a global gaming and entertainment company, announced today its intention to offer $750 million in senior notes due 2032. The proposed offering is aimed at repaying existing debts, including the company's 6.750% senior notes due in 2025.
The company disclosed that the net proceeds from the notes offering will be used to repay these existing obligations. Until such debts are repaid, MGM Resorts may place the net proceeds into short-term, interest-bearing accounts, securities, or similar investments.
These senior notes will be unsecured general obligations of MGM Resorts, guaranteed by the company's wholly owned domestic subsidiaries that also guarantee its other senior indebtedness. The notes will rank equally with all existing or future senior unsecured indebtedness of MGM Resorts and each guarantor.
A consortium of banks, including Deutsche Bank (ETR:DBKGn) Securities Inc., BofA Securities, Inc., and J.P. Morgan Securities LLC, among others, will serve as joint book-running managers for the offering. Co-managers include Goldman Sachs & Co (NYSE:GS). LLC and Wells Fargo (NYSE:WFC) Securities, LLC.
MGM Resorts operates a portfolio of 31 hotel and gaming destinations globally and participates in sports betting and online gaming through BetMGM, LLC, and LeoVegas.
The information in this news article is based on a press release statement from MGM Resorts International.
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