MGM Resorts International said Dec. 27 the company amended its senior credit agreement.
The amendment increases the hotel and casino operator's term loan A facility by approximately $520 million to $750 million while its revolving facility will be increased by $250 million to $1.5 billion.
The amendment also extends the maturity date of the facilities to 2023.
The Las Vegas-based company will use the proceeds from the new facilities to refinance its existing debt, finance transactions and for general corporate purposes.
MGM Resorts expects initial pricing on the amended revolving and term loan A facilities to be LIBOR plus 2.25%, a 50 basis point reduction from the previous facilities.