Casino Gaming Manufacturers

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2nd UPDATE: MGM Resorts International Sells $500M Bond


01/11 04:05 PM

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(Updates with final pricing information, in the first paragraph.)

By Patrick McGee

Of DOW JONES NEWSWIRES

NEW YORK (Dow Jones)--MGM Resorts International (MGM:$11.96,00$0.52,004.55%) completed its $500 million bond sale of 8.625% coupon, seven-year senior unsecured notes Wednesday, pricing the bonds at par, according to a term sheet obtained by Dow Jones Newswires.

The high-yield debt was rated B3 by Moody's Investors Service and B-minus by Standard & Poor's. The bonds were marketed in the Rule 144a private-placement market.

MGM intends to use the proceeds to repay existing debt, including borrowings under a credit facility.

Underwriting the deal were Barclays Capital, Bank of America Merrill Lynch, Deutsche Bank and Wells Fargo Securities.

--By Patrick McGee, Dow Jones Newswires; 212-416-2382; patrick.mcgee@ dowjones.com


(END) Dow Jones Newswires
01-11-121605ET
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