Market Overview

Deutsche Bank Reiterates Buy on MGM Resorts International


Deutsche Bank reiterates its Buy rating on MGM Resorts International (NYSE: MGM) as the company announces credit facilities that should continue its deleveraging story.

Deutsche Bank says, "This morning (2/13), MGM announced a private offering by CityCenter of $240 million in senior secured first lien notes. The notes will be additional notes of the $900 million 7.625% senior secured first lien notes due 2016. CityCenter intends to use the net proceeds of the offering, along with existing cash (~$172 mm at 4Q11 end), to repay $300 million of the outstanding balance of its $375 mm senior credit facility. Additionally, in conjunction with its private placement announcement, MGM announced preliminary results for CityCenter for the 4Q 2011."

MGM closed at $14.63 a share on Friday.

Posted-In: Deutsche BankAnalyst Color Price Target Reiteration Intraday Update Analyst Ratings


Related Articles (MGM)

View Comments and Join the Discussion!