MGM Resorts to sell $500 million in notes to pay down debt

MGM Resorts International wants to sell $500 million of notes due in 2016 in a private placement.

In brief statement Monday, the company said the proceeds would be used to pay off a portion of $1.2 billion in debt the company owes under its senor credit facility.

MGM Resorts has about $13 billion in long-term debt and company executives have said bringing down the figure is primary concern of management.

The offering follows MGM Resorts' $845 million notes sale in March. The company said it will also use $511 million raised last week in a sale of common stock to repay debt.

Contact reporter Howard Stutz at or 702-477-3871.