MGM Resorts gets $525 million facility to fund MGM National Harbor

By Tali Rackner

Norfolk, Va., Feb. 1 – MGM Resorts International announced that subsidiary MGM National Harbor, LLC entered into a $525 million bank facility to fund the development and construction of MGM National Harbor in Prince George's County, Md., according to a press release.

The $525 million facility is comprised of a $425 million term loan A and $100 million revolving facility.

The facilities will initially bear interest at Libor plus 200 basis points to 225 bps, based on the company’s consolidated total leverage ratio.

The facilities are scheduled to mature in January 2021.

Construction on the $1.3 billion resort casino began in September 2014 and the project is expected to open in the fourth quarter of 2016.

MGM Resorts is a Las Vegas-based operator of resorts and casinos.

© 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.