MGM to raise $500m through notes issue

MGM Resorts said it plans to raise $500 million through an issue of senior notes to raise funds for general corporate purposes.

The notes are due 2025, it said in a Securities and Exchange Commission filing.

MGM said the notes may be used to refinance existing debt, the pay dividends, or to buy back stock. Pending use, the company may invest the net proceeds in short-term interest-bearing accounts, securities or similar investments.

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.