MGM Resorts said Tuesday that the company continues to attract investor confidence following completion of a recently announced US$750 million senior notes offering.
The notes, in aggregate principal amount of 4.750% due 2028, will be used for general corporate purposes, MGM explained, and potentially to refinance existing indebtedness.
“The successful execution of this upsized offering at a favorable rate further solidifies our financial flexibility and demonstrates the continued confidence our investors have in our long-term business outlook,” said MGM’s Chief Financial Officer and Treasurer, Corey Sanders.
MGM had originally planned a US$500 million offering before upsizing.
The company’s latest liquidity-boostng exercise comes after MGM Resorts 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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