MGM Resorts International announced at the end of March that it was increasing an offer of senior notes to $1 billion, twice what had initially been offered. The money was to be used to pay off other debts and help with expansion plans, and the company has confirmed that the placement of all of the senior notes is now complete.

The notes carry an interest rate of 5.5% and are expected to become due in 2027. The company said in a press release last Thursday that the proceeds will be used to purchase outstanding senior notes worth $1 billion that offer a rate of 6.75% and 5.25%. Those notes are scheduled to become due next year.

Any leftover funds after the purchase will go to general corporate expenses, which could include the payment of common stock dividends, the repurchase of common stock or refinancing other loan vehicles held by the company. MGM asserts that it could invest any net proceeds in “short-term interest-bearing accounts, securities or similar investments.”

Corey Sanders, MGM’s chief financial officer, stated in the release, “This transaction demonstrates our continued commitment to strengthening our balance sheet and improving our debt maturity profile. We are pleased with the continued support from the investment community, which allowed us to upsize the transaction to $1.0 billion and further reduce our cost of debt.”