MGM Resorts International Announces Closing of Common Stock Offering (United States)
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MGM Resorts International Announces Closing of Common Stock Offering (United States)
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Category: North America & West Indies / Carribean islands - United States - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2010-10-20
MGM Resorts International (NYSE: MGM) announced that on October 18, 2010, the Company completed its previously announced offering of 40,900,000 shares of its common stock resulting in net proceeds to the Company of approximately $511,000,000. The Company will use the net proceeds of the offering for general corporate purposes, including the repayment of debt.
The Company's largest stockholder, Tracinda Corporation, concurrently sold 27,782,000 shares of the Company's common stock at the same price per share. The Company and Tracinda Corporation each granted the underwriter a 30-day option to purchase up to an additional 6,135,000 shares and 4,167,300 shares, respectively, to cover over-allotments, if any.
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