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MGM Resorts cites investor confidence as US$750 million notes offer completed

Newsdesk by Newsdesk
Wed 14 Oct 2020 at 05:14
MGM looking to win hearts in Osaka with May IR exhibit
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MGM Resorts said Tuesday that the company continues to attract investor confidence following completion of a recently announced US$750 million senior notes offering.

The notes, in aggregate principal amount of 4.750% due 2028, will be used for general corporate purposes, MGM explained, and potentially to refinance existing indebtedness.

“The successful execution of this upsized offering at a favorable rate further solidifies our financial flexibility and demonstrates the continued confidence our investors have in our long-term business outlook,” said MGM’s Chief Financial Officer and Treasurer, Corey Sanders.

MGM had originally planned a US$500 million offering before upsizing.

The company’s latest liquidity-boostng exercise comes after MGM Resorts reported a net loss of US$857 million in the second quarter on a 91% decline in revenue to just US$289.8 million, impacted by the closure of its US properties due to COVID-19.

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The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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