EFTA Document EFTA01385361

January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite total cash burn of $1 million in 2018. Using our projected total debt of $11.25 billion and cash interest of $603 million, we estimate MGM will end the year with leverage of 4.5x and coverage of 4.1x. Factoring consolidated cash of $2.00 billion, we estimate net leverage at 3.7x. Downside risks to our call include lower-than-expected convention volumes, unfavorable table hold in Macau may lead to EBITDA coming in b