MGM has announced that the company has already completed the fundraising and now the offering of $1 Billion Senior Notes is already closed.
Earlier last month MGM Resorts International had announced to raise funds by offering $1 billion in Senior Notes.
The company had announced the offering of $1.0 billion in aggregate principal amount of 5.500% senior notes due 2027 (the “2027 Notes”), which were issued at par.
“This transaction demonstrates our continued commitment to strengthening our balance sheet and improving our debt maturity profile,” said Corey Sanders, Chief Financial Officer and Treasurer of MGM Resorts. “We are pleased with the continued support from the investment community, which allowed us to upsize the transaction to $1.0 billion and further reduce our cost of debt.”
In a statement to the press the company had also made it clear that the proceeds of the funds raised will be used to fund the purchase of up to $1.0 billion aggregate principal amount of its outstanding 6.750% senior notes due 2020
The offer period will expire at midnight, New York City time, on April 23, 2019, unless extended (such time and date, as the same may be extended, the “Expiration Time”).
MGM has been seeking further investments as it is looking to expand its business further in Asia. The company has been aggressively campaigning to get an Integrated Resort license in Japan. They have also said that they can invest up to $1 billion in developing an integrated resort if they are awarded the license and the permissions.