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MGM Resorts Raises $486 Million with Debt Offering | Gaming News

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MGM Resorts Raises $486 Million with Debt Offering
Gaming News

LAS VEGAS -- Casino company MGM Resorts International says it has raised $486 million through its offer of $500 million in notes priced slightly below face value.

The Las Vegas-based company said Thursday that it would use the proceeds along with money raised this month through a stock offering to pay off $1.2 billion in debt that was due next year.

MGM Resorts says that after the payment, the due date for $3.6 billion of its debt would be extended to 2014. The notes were priced at slightly below 99 percent of their face value.

MGM Resorts owns casino-resorts in Las Vegas, Macau and elsewhere.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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