MGM Resorts to Launch Refinancing Credit and 2 Heavily Traded Stocks Seeing Action

Citigroup Inc. (NYSE:C) announced that they plan on cutting 11,000 jobs worldwide and their employees are feeling the heat. India has not been officially named among the nations affected, but several executives fear that there could be layoffs in India, too, as part of the global cost cutting exercise.

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MGM Resorts International (NYSE:MGM) is launching a $4 billion refinancing credit at a lender meeting at 11 a.m. Friday. The new credit will be split between a $1.25 billion  five-year revolving line of credit, a $1.25 billion five-year term loan A and a $1.5 billion seven-year term loan B. The term loan B will be covenant-lite.

Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) stated that they will buy Plains Exploration & Production Co. and McMoRan Exploration Co. in an agreement valued at $20 billion. This will help to create a “premier US-based natural resources company.” Freeport-McMoRan Copper & Gold Inc. will pay $6.9 billion in cash and stock for Plains Exploration & Production Co..

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