MGM says underwriter purchases shares
MGM Resorts International said this morning Barclays Capital Inc., which underwrote the sales of the company's recent public offering, exercised its full option to purchase an additional 6.1 million shares of common stock from the company.
Barclays also purchased an additional 4.2 million shares of common stock from Tracinda Corp., the privately held investment arm of billionaire financier Kirk Kerkorian, MGM Resorts majority shareholder.
Barclays purchased the stock at $12.52 a share.
MGM Resorts received $511 million in proceeds from the stock offering last month, which the company used to restructure a portion of its long-term debt.
Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871.
