MGM refinances $5.25 billion of debt

Dec 23, 2012 2:14 PM

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].

 GamingToday on Facebook      and         GamingToday on Twitter