CityCenter Holdings LLC, , which owns the massive Las Vegas casino joint venture of MGM Resorts International and Dubai World's Infinity World Development Corp., said Friday it issued $1.5 billion worth of notes to raise money to help reduce cut its outstanding debt.
CityCenter issued $900 million of its 7.625 senior secured first lien notes due in 2016 and $600 million of its 10.75 percent senior secured second lien payment-in-kind toggle notes due in 2017.
The company plans to use the proceeds, plus $77 million in equity contributions from its owners, to reduce the balance on its senior secured credit facilities to $500 million from $1.85 billion, to create an interest escrow for first lien debt, and to pay fees and expenses.
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