MGM Resorts today announced an upsized public offering of $1 billion in senior notes, the proceeds of which will be used to raise funds for general corporate purposes.
The offering of the notes was upsized from the originally announced $500 million notes offering due 2025. The company did not give a reason for the upsized offering.
The transaction is expected to close on June 18, 2018, subject to customary closing conditions.
As disclosed previously, MGM said it intends to use the net proceeds from the senior notes offering for general corporate purposes, which could include refinancing existing indebtedness, funding a portion of the cost of acquisitions the Company consummates, paying dividends on common stock or repurchasing common stock in accordance with the Company’s share repurchase program.
Pending such use, the company may invest the net proceeds in short-term interest-bearing accounts, securities or similar investments, it said.
Citigroup Global Markets Inc., BofA Merrill Lynch, Barclays Capital Inc., BNP Paribas Securities Corp., Fifth Third Securities, Inc. and SMBC Nikko Securities America, Inc. will act as joint book-running managers.