MGM Resorts to draw on credit facility to fund Tracinda stock buyback

By Sarah Lizee

Olympia, Wash., Sept. 12 – MGM Resorts International plans to use borrowings under its senior credit facility to purchase 10 million shares of its common stock from Tracinda Corp. for a total of $327.5 million, according to a press release.

The company expects to repay the facility using proceeds from the completion of the sale of real estate assets associated with the MGM National Harbor casino resort. The transaction is expected to close in the fourth quarter of 2017.

MGM Resorts is a Las Vegas-based operator of destination resorts.

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