MGM Growth borrows $295 million under revolver to refinance debt

By Tali Rackner

Norfolk, Va., Aug. 4– MGM Growth Properties LLC used $295 million of borrowings under its senior secured revolving credit facility, along with cash on hand, to refinance debt assumed in connection with its acquisition of the real estate assets of Borgata Hotel Casino & Spa, according to a press release.

The acquisition from MGM Resorts was completed Aug. 1 in exchange for the assumption of $545 million of debt and the issuance of 27.4 million operating partnership units to a subsidiary of MGM Resorts.

MGM Growth is a real estate investment trust. Boyd is a gaming and entertainment company. MGM Resorts is a collection of resort-casinos, residential living and retail developments. Each is based in Las Vegas. Borgata is an Atlantic City-based lodging, entertainment and gaming company.

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