LAS VEGAS - MGM Resorts International announced that it has successfully amended its senior credit agreement to, among other things, increase its term loan A facility by approximately $520 million to $750 million, increase its revolving facility by $250 million to $1.5 billion and extend the maturity date of the facilities to 2023. The Company expects to use the proceeds from the new facilities to refinance existing indebtedness, fund recently announced transactions and for general corporate purposes.
"Our strong financial position has positioned the Company to successfully complete this transaction. We appreciate the support of our bank partners," said Dan D'Arrigo, Executive Vice President, Chief Financial Officer and Treasurer. "We remain focused on maintaining a fortified balance sheet and achieving our consolidated net leverage ratio goal of 3 to 4 times by year end 2020."
Initial pricing on the amended revolving and term loan A facilities is expected to be LIBOR plus 2.25%, a 50 basis point reduction from the previous facilities.