Officials at MGM Resorts International (MGM) say they have successfully completed the refinancing of $5.25 billion of debt, a move that will save the company about $230 million annually in reduced interest expenses.
Involved were an amended and restated credit facility of $4 billion, comprising a $1.2 billion revolving facility, a $1.05 billion term loan (Facility A) and a $1.75 billion term loan (Facility B).
The company also issued $1.25 billion of 6.625% senior unsecured notes due in 2021.
The arrangements were called “landmark financing” by Chairman and CEO Jim Murren.
Ray Poirier is the longtime executive editor at GamingToday.
Contact Ray at [email protected].