MGM Resorts looking to raise US$750 million via senior notes offering

MGM Resorts International has announced a new US$750 million senior notes offering which the company says will be used to refinance existing debt and for general corporate purposes.

The offering of 4.750% senior notes due 2028 represents an upsizing from an originally planned US$500 million offering announced earlier in the day. The transaction is expected to close on 13 October 2020, MGM said.

News of the offering comes as MGM prepares to announce its 3Q20 earnings results later this month.

The company previously reported a net loss of US$857 million in the second quarter on a 91% decline in revenue to just US$289.8 million, impacted by the closure of its US properties due to COVID-19.

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