MGM Resorts International has completed its previously announced issuance of $1bn in aggregate principal amount of 5.500% senior notes due 2027, which were issued at par.

The company told investors that it intends to use the net proceeds from the offering of the 2027 Notes, together with other sources of funds to fund the purchase of up to $1bn aggregate principal amount of its outstanding 6.750% senior notes due 2020 and 5.250% senior notes due 2020 through its previously announced cash tender offers.

Any excess net proceeds will be used for general corporate purposes, which could include refinancing existing indebtedness, paying dividends on common stock or repurchasing common stock in accordance with the Company’s share repurchase program. Pending such use, the company may invest the net proceeds in short-term interest-bearing accounts, securities or similar investments.

“This transaction demonstrates our continued commitment to strengthening our balance sheet and improving our debt maturity profile,” said Corey Sanders, Chief Financial Officer and Treasurer of MGM Resorts. “We are pleased with the continued support from the investment community, which allowed us to upsize the transaction to $1bn and further reduce our cost of debt.”