| NEW YORK
NEW YORK Dec 6 MGM Resorts International
is launching a $4 billion refinancing credit at a lender
meeting at 11 a.m. Friday, sources told Thomson Reuters LPC. The
new credit will be split between a $1.25 billion, five-year
revolving credit, a $1.25 billion, five-year term loan A and a
$1.5 billion, seven-year term loan B. The term loan B will be
Bank of America Merrill Lynch and Deutsche Bank are joint
physical books, while Barclays and JP Morgan are lead arrangers
on the deal.
MGM Resorts International and MGM Grand Detroit LLC are
borrowers on the new credit. Proceeds will refinance existing
debt and back general corporate purposes. Existing corporate
family ratings are B2/B-.
Today, MGM also announced cash tender offers and consent
solicitations for any and all of its outstanding senior secured
notes, and a new issuance of $1 billion in senior notes.
MGM Resorts International operates a portfolio of
destination resort brands, including Bellagio, MGM Grand,
Mandalay Bay and The Mirage.