MGM China sells US$750m in notes to pay down debt

MGM China will issue senior notes paying 4.75 per cent.
MGM China will issue senior notes paying 4.75 per cent.

The Macau gaming operator MGM has announced it will sell senior notes to repay a portion of the amount outstanding under a revolving credit facility.

Macau.- MGM China will offer 4.75 per cent senior notes worth US$750m due February 1, 2027.

The casino operator said the proceeds would be used to “repay a portion of the amounts outstanding under the Revolving Credit Facility and for general corporate purposes.”

The company said: “Satisfaction of the obligations of the parties pursuant to the purchase agreement is subject to the fulfilment, or waiver, of the conditions precedent set out therein. In addition, the purchase agreement may be terminated under certain circumstances.”

MGM was deeply affected by the impact of the Covid-19 pandemic. Last year the company reported a plunge in revenues of 94 per cent year-on-year for the third quarter of 2020.

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