LV casino operator issues $500 mil. in notes to refinance

Mandalay Resort Group of Las Vegas said it agreed to issue $500 million in 10.25 percent senior subordinated unsecured notes due Aug. 1, 2007. The size of the issuance was a surprise as observers expected Mandalay to issue just $300 million in notes.

Proceeds from the offering will be used to repay some of the company's borrowings under its revolving credit facility, Mandalay said.

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