MGM to Sell $750 Mln in 10-Years

Casino operator plans issuance after some lenders refuse extension.

MGM Resorts International is planning a $750 million bond sale after failing last month to persuade all of its lenders to extend the due date on loans.

The biggest casino operator on Las Vegas’s Strip will issue 10-year notes to help pay $965 million owed to term loan lenders as of March 14 that refused to extend commitments as well as to pay back other outstanding borrowings, MGM said in a statement today. The Las Vegas-based company extended the maturity on $1.8 billion of loans to February 2015 while $1.3 billion remains due in February 2014, MGM said in a Feb. 27 regulatory filing.

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