Officials at MGM Resorts International (MGM) say they need to borrow $5.25 billion in order that they might refinance existing debt.
As part of that need, the company said it had issued $1.25 billion in bonds bearing an interest rate of $6.625 percent and maturing in December 2012. The funds will be used to help fund the repurchase of senior secured debt and refinance its existing senior credit facility.
MGM reportedly has debt of about $12 billion with maturities ranging from 2016 to 2021.
Ray Poirier is the longtime executive editor at GamingToday.
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