Daily News: May 14, 2013

MGM Resorts Completes Re-pricing Of Term Loan B Facility

MGM Resorts International announced that it has successfully completed a re-pricing of its approximately $1.75 billion term loan B facility.

The term loan B facility will bear interest at LIBOR plus 2.50%, with a LIBOR floor of 1.00%, a 75 basis point reduction compared to prior rate of LIBOR plus 3.25% with a LIBOR floor of 1.00%. All other principal provisions of the company’s existing credit facility remain unchanged.

“As a result of the re-pricing, the company expects to save approximately $13 million of annual cash interest payments,” said Dan D’Arrigo, MGM Resorts International executive vice president, CFO and treasurer. “We remain focused on opportunistically reducing our cost of debt while continuing to maximize our free cash flow.”