MGM Growth Properties to repay revolver debt with senior note proceeds

By Tali Rackner

Norfolk, Va., Aug. 9 – MGM Growth Properties Operating Partnership LP plans to refinance amounts outstanding under its revolving credit facility with the proceeds from a $400 million senior note offering, according to a press release.

Debt under the revolver was drawn in connection with MGM Growth Properties LLC’s acquisition of the real property of Borgata Hotel Casino and Spa from MGM Resorts International, which was completed on Aug. 1.

Any remaining proceeds from the 10-year notes will be used for general corporate purposes.

MGM Growth Properties is a Las Vegas-based real estate investment trust that is being spun off from MGM Resorts, a Las Vegas-based operator of resorts and casinos.

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