0001193125-26-224106
SEC filingMGM China Holdings Limited, a subsidiary of MGM Resorts International, issued $750 million of 6.25% senior notes due 2033 to repay revolving credit facility debt and for general corporate purposes.
MGM China Holdings Limited completed a $750 million senior notes offering at 6.25% due 2033, providing approximately $739.9 million in net proceeds primarily to reduce revolver debt, strengthening liquidity for ongoing operations. The indenture with Wilmington Savings Fund Society includes standard protections: semi-annual interest payments begin November 15, 2026; early redemption before May 15, 2029 requires a make-whole premium or up to 35% with equity proceeds; post-2029 calls decline to par. Investor safeguards feature a change of control repurchase at 101% and a Special Put Option at 100% linked to Macau gaming status, which lapses with note repayment or aligned existing indentures. Covenants restrict mergers with exceptions, mandate reporting, and define defaults like 30-day interest payment failures or 60-day covenant breaches after notice, with acceleration by trustee or 25% holders. This refinancing extends maturities and refinances shorter-term obligations, reducing near-term refinancing risk while adding long-term fixed-rate debt at market terms.