S&P gives MGM Growth loan BB+

S&P said it assigned its BB+ issue-level rating and 1 recovery rating to MGM Growth Properties Operating Partnership LP's $200 million senior secured delayed-draw term loan A due 2023.

The 1 recovery rating indicates an expectation for very high recovery (90%-100%; rounded estimate: 95%) for lenders in the event of a payment default.

The existing BB+ issue-level and 1 recovery ratings on the company's revolver and term loan A are unchanged.

The agency said it expects the company to use the proceeds from the delayed-draw term loan, along with borrowings from its revolver and cash from its balance sheet, to fund its $1.06 billion acquisition of the Hard Rock Rocksino Northfield Park and its acquisition of the real estate assets of Empire City Casino.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.