S&P applies BB- to MGM Resorts notes

S&P said it assigned its BB- issue-level rating and 3 recovery rating to MGM Resorts International's proposed $500 million senior notes due 2026.

The 3 recovery rating indicates an expectation for meaningful recovery (50% to 70%; upper half of the range) in the event of a payment default.

Proceeds and cash balances will be used to refinance the company’s $743 million of 7 5/8% senior notes due 2017.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.