Firm’s liquidity position may improve
MGM plans to refinance us$ 500 million in debt
2013-12-20
Reading time 28 seg
(US).- MGM Resorts International said on Monday it was refinancing us$ 500 million of the company’s debt which is coming due in February. The casino operator proposed issuing new debt due in March 2020 and would use the proceeds “for general corporate purposes,” which could include repaying some of the outstanding debt that matures in February.
In a statement, MGM Resorts said the debt would be guaranteed by “substantially all of the company’s wholly owned domestic subsidiaries.”
MGM Resorts had a little more than us$ 13 billion in long-term debt as of September 30. “MGM’s proposed note issuance will push out debt maturities thereby improving the company’s liquidity position,” Moody’s Investor Services Vice President Peggy Holloway said in a statement.
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