MGM Resorts International Completes $1.0 Billion Senior Notes Offering

MGM Resorts International MGM today announced that it has completed its previously announced issuance of $1.0 billion in aggregate principal amount of 6.75% senior notes due 2020, which were issued at par.  The Company received approximately $985.8 million in net proceeds. The Company intends to use the net proceeds of the offering to repay a portion of its indebtedness, which may include indebtedness under its senior credit facility and outstanding debt securities.  "Strong investor demand allowed us to upsize this transaction to $1.0 billion at a rate of 6.75%, a coupon we have not achieved since early 2006," said Dan D'Arrigo, Executive Vice President, CFO and Treasurer of MGM Resorts International.  "This transaction is another step in our plan to extend maturities and reduce borrowing costs to improve our free cash flow."