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Casino operator selling notes

Tuesday, March 18, 2003 | 10:33 a.m.

Mandalay Resort Group of Las Vegas said Monday it will raise $350 million from selling convertible notes to repay existing debt.

The casino operator said the securities, which are convertible into stock, will be due in 2033. Mandalay may raise an additional $50 million with the exercise of an over allotment option, the company said.

Mandalay said the notes will repay borrowings outstanding under its credit facility. The company postponed a planned $300 million sale of 10-year notes in February because if wasn't willing to offer the yield demanded by investors, Chief Financial Officer Glenn Schaeffer said earlier.

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