MGM Resorts International confirmed overnight that its Macau-based subsidiary, MGM China Holdings Ltd, has issued US$750 million in 6.25% senior notes due 2033 under an agreement with Wilmington Savings Fund Society, FSB as trustee.
In a filing, MGM said the notes were sold in the United States only to accredited investors and subsequently resold to qualified institutional buyers and to non-US persons in accordance with the Securities Act.
The group added that it intends to use the US$739.9 million of net proceeds after estimated fees and expenses from the offering to repay a portion of the amounts outstanding under its revolving credit facility and for general corporate purposes.
Interest on the notes will be paid on 15 May and 15 November each year, beginning on 15 November 2026, with accruing at a rate of 6.25% per annum.
Fitch Ratings last week assigned MGM’s notes a “BB-” rating, explaining that MGM China boasts a “strong competitive position through increased market share, ongoing improvements in Macau’s market, and access to capital to fund near-term capital projects and further debt reduction.”
