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MGM Resorts to pay down debt after announcing US$850 million senior notes issue

Newsdesk by Newsdesk
Wed 4 Sep 2024 at 05:28
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MGM Resorts International announced overnight that it will issue US$850 million in aggregate principal amount of 6.125% senior notes due 2029, with the proceeds to be used to repay debt. The offer is upsized from an initially planned US$675 million offer.

In a series of announcements, the company said the proceeds would be used to repay indebtedness, including its outstanding 5.750% senior notes due 2025, with the remainder for general corporate purposes.

The transaction is expected to close on 17 September 2024.

Shortly afterwards, Moody’s Ratings assigned the notes a B1 rating, describing the refinancing as leverage neutral as it pushes out a portion of the company’s upcoming maturities.

The B1 rating on both the notes and MGM Resorts International’s B1 Corporate Family Rating – which remains unchanged – reflects its “large scale, strong presence on the Las Vegas Strip, and a solid position within several regional markets across the US.

“MGM’s presence in the large Macau market with favorable long-term prospects further supports the rating.”

Moody’s has also maintained a Stable Outlook on MGM Resorts, reflecting the “continued strong performance of the company’s US regional and Las Vegas operations, with a recovery in Macau operations. The stable outlook also incorporates the company’s good liquidity, with substantial cash balances and revolver availability.”

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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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