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Long-Term Debt | 6 Months Ended
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Jun. 30, 2019
Debt Disclosure [Abstract] |
Long-Term Debt | NOTE 5 — LONG-TERM DEBT Long-term debt consisted of the following:
| June 30, |  |  | December 31, |
| 2019 |  |  | 2018 |
| (In thousands) |
Senior credit facility | $ | 1,060,000 |  |  | $ | 750,000 |
Operating Partnership senior credit facility |  | 2,259,875 |  |  |  | 2,819,125 |
MGM China credit facility |  | 700,862 |  |  |  | 2,433,562 |
$850 million 8.625% senior notes, due 2019 |  | — |  |  |  | 850,000 |
$500 million 5.25% senior notes, due 2020 |  | 267,476 |  |  |  | 500,000 |
$1,000 million 6.75% senior notes, due 2020 |  | 360,826 |  |  |  | 1,000,000 |
$1,250 million 6.625% senior notes, due 2021 |  | 1,250,000 |  |  |  | 1,250,000 |
$1,000 million 7.75% senior notes, due 2022 |  | 1,000,000 |  |  |  | 1,000,000 |
$1,250 million 6% senior notes, due 2023 |  | 1,250,000 |  |  |  | 1,250,000 |
$1,050 million 5.625% Operating Partnership senior notes, due 2024 |  | 1,050,000 |  |  |  | 1,050,000 |
$750 million 5.375% MGM China senior notes, due 2024 |  | 750,000 |  |  |  | — |
$1,000 million 5.75% senior notes, due 2025 |  | 1,000,000 |  |  |  | 1,000,000 |
$750 million 5.875% MGM China senior notes, due 2026 |  | 750,000 |  |  |  | — |
$500 million 4.5% Operating Partnership senior notes, due 2026 |  | 500,000 |  |  |  | 500,000 |
$500 million 4.625% senior notes, due 2026 |  | 500,000 |  |  |  | 500,000 |
$750 million 5.75% Operating Partnership senior notes, due 2027 |  | 750,000 |  |  |  | — |
$1,000 million 5.5% senior notes, due 2027 |  | 1,000,000 |  |  |  | — |
$350 million 4.5% Operating Partnership senior notes, due 2028 |  | 350,000 |  |  |  | 350,000 |
$0.6 million 7% debentures, due 2036 |  | 552 |  |  |  | 552 |
|  | 14,799,591 |  |  |  | 15,253,239 |
Less: Premiums, discounts, and unamortized debt issuance costs, net |  | (137,896 | ) |  |  | (121,823 | )
|  | 14,661,695 |  |  |  | 15,131,416 |
Less: Current portion |  | — |  |  |  | (43,411 | )
| $ | 14,661,695 |  |  | $ | 15,088,005 |
Debt due within one year of the June 30, 2019 and December 31, 2018 balance sheets was classified as long-term as the Company had both the intent and ability to refinance current maturities on a long-term basis under its revolving senior credit facilities, with the exception that $43 million related to MGM China’s term loan amortization payments in excess of available borrowings under the MGM China revolving credit facility were classified as current at December 31, 2018. Senior credit facility. At June 30, 2019, the Company’s senior credit facility consisted of a $750 million term loan A facility and a $1.5 billion revolving facility. At June 30, 2019, $310 million was drawn on the revolving credit facility. At June 30, 2019, the interest rate on the term loan A facility was 4.40% and the interest rate on the revolving credit facility was 4.39%. The Company was in compliance with its credit facility covenants at June 30, 2019. Operating Partnership senior credit facility. At June 30, 2019, the Operating Partnership senior credit facility consisted of a $470 million term loan A facility, a $1.79 billion term loan B facility, and a $1.35 billion revolving credit facility. At June 30, 2019, the interest rate on the term loan A facility was 4.15% and the interest rate on the term loan B facility was 4.40%. At June 30, 2019 no amounts were drawn on the revolving credit facility. The Operating Partnership was in compliance with its credit facility covenants at June 30, 2019. The Operating Partnership is party to interest rate swaps to mitigate the interest rate risk inherent in its senior secured term loan B facility. As of June 30, 2019, the Operating Partnership pays a weighted average fixed rate of 1.844% on total notional amount of $1.2 billion and the variable rate received will reset monthly to the one-month LIBOR, with no minimum floor. The Operating Partnership entered into additional interest rate swaps in December 2018 and June 2019. The December 2018 interest rate swaps have a notional amount of $400 million on which it will pay a fixed rate of 2.735% with a variable rate received resetting monthly to the one-month LIBOR with a floor of 0% and an effective date of December 31, 2019. The June 2019 interest rate swaps have a notional amount of $900 million on which it will pay a weighted average fixed rate of 1.801% with the variable rate resetting monthly to the one-month LIBOR with a floor of 0% and an effective date of November 30, 2021. As of June 30, 2019, and December 31, 2018, the derivative financial instruments have been designated as cash flow hedges and qualify for hedge accounting. MGM China credit facility. At June 30, 2019, the MGM China credit facility consisted of $599 million of term loans and a $1.0 billion revolving credit facility. MGM China permanently repaid $100 million and $199 million of the term loan facilities in the three and six months ended June 30, 2019 in accordance with the scheduled amortization. MGM China also used the proceeds from its senior notes issuance, discussed below, to permanently repay $1.0 billion of the term loan facilities, as well as pay down outstanding borrowings under its revolving credit facility in the three and six months ended June 30, 2019. At June 30, 2019, $102 million was drawn on the revolving credit facility. At June 30, 2019, the interest rates on the term loans and the revolving credit facility were both 4.77%. MGM China was in compliance with its credit facility covenants at June 30, 2019. Bridge Facility. In connection with the Empire City transaction, the Company borrowed $246 million under a bridge facility, which was subsequently assumed by the Operating Partnership. The Operating Partnership repaid the bridge facility with a combination of cash on hand and a draw on its revolving credit facility, which was subsequently repaid with proceeds from its offering of its 5.75% senior notes due 2027, discussed below. Senior Notes. In April 2019, the Company issued $1.0 billion in aggregate principal amount of 5.50% senior notes due 2027. The Company primarily used the net proceeds from the offering to fund the purchase of $639 million in aggregate principal amount of its outstanding 6.75% senior notes due 2020 and $233 million in aggregate principal amount of its outstanding 5.25% senior notes due 2020 through cash tender offers. In February 2019, the Company repaid its $850 million 8.625% notes due 2019. Operating Partnership senior notes. In January 2019, the Operating Partnership issued $750 million in aggregate principal amount of 5.75% senior notes due 2027. MGM China senior notes. In May 2019, MGM China issued $750 million in aggregate principal amount of 5.375% senior notes due 2024 and $750 million in aggregate principal amount of 5.875% senior notes due 2026. The Company primarily used the net proceeds from the offering to pay down outstanding borrowings under the MGM China credit facility, as discussed above. Fair value of long-term debt. The estimated fair value of the Company’s long-term debt was $15.5 billion and $15.1 billion at June 30, 2019 and December 31, 2018, respectively. Fair value was estimated using quoted market prices for the Company’s senior notes and senior credit facilities.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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