MGM Growth Properties LLC amended its operating partnership's credit agreement to increase its revolving credit facility by $750 million to $1.35 billion due 2023 and declared a second-quarter dividend of 43 cents per share, up from its previous quarterly payout of 42 cents per share.
The casino real estate investment trust also extended the maturity date of its existing $270 million term loan A facility to 2023 and secured a new $200 million delayed draw term loan A due 2023.
The revolver and term loan A facilities were repriced so that, depending on the company's leverage, the annual rate will range between the London Interbank Offered Rate plus 1.75% and LIBOR plus 2.25%. MGP Growth also satisfied conditions to extend the maturity of its term loan B facility to 2025.
The new dividend will be payable July 16 to unit holders and shareholders of record June 29.