MGM Reports Pricing of $4B Senior Secured Credit Facility
MGM Resorts International (NYSE: MGM) today announced that it has successfully priced its $4.0 billion amended and restated senior secured credit facilities. The facilities will be comprised of a $1.2 billion revolving facility, a $1.05 billion term loan A facility and a $1.75 billion term loan B facility.
The revolving and term loan A facilities will initially bear interest at LIBOR plus 3.00%, but will be subject to credit rating adjustments after six months, which would result in an interest rate of LIBOR plus 2.75% based on current credit ratings. The term loan B facility will bear interest at LIBOR plus 3.25% with a LIBOR floor of 1.00%. The revolving and term loan A facilities will mature in December 2017 and the term loan B facility will mature in December 2019. The term loan B was issued at 99.5% to initial lenders.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.