MGM Reports Pricing of $4B Senior Secured Credit Facility

MGM Resorts International

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.