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StumbleLV firm to sell $300 million of high-yield notes
Wednesday, July 19, 2000 | 11:06 a.m.
Mandalay Resort Group of Las Vegas is preparing to sell $300 million of high-yield notes, people familiar with the matter told Bloomberg News.
The company postponed a similar $400 million issue of 10-year notes in March rather than pay the higher yields needed then to entice buyers.
The company is back on the docket with plans to sell seven-year senior subordinated notes at a yield of about 10.25 percent, the people told Bloomberg. Merrill Lynch & Co. and Banc of America Securities are managing the sale.
The company owns big Las Vegas resorts including Mandalay Bay, Luxor, Excalibur and Circus Circus; and operates in Detroit and other locations.
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