MGM MIRAGE Closes on Previously Announced $750 Million Senior Secured Note Offering
LAS VEGAS, Nov. 14 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE: MGM)
announced today that it has closed on its previously announced private
offering of $750 million principal amount of 13% Senior Secured Notes due
November 2013 at a price of 93.132%. The notes rank as general senior
obligations of MGM MIRAGE, are guaranteed by substantially all of MGM MIRAGE
subsidiaries, and have a first priority security interest in the Company's New
York -- New York Hotel & Casino. The Company received approximately $688
million in net proceeds which will be used to reduce the outstanding
borrowings under the Company's existing revolving credit facility and for
general corporate purposes. With the application of these proceeds, the
Company currently has approximately $1.9 billion of availability under its
revolving credit facility.
The notes have not been registered under the Securities Act of 1933, as
amended (the "Securities Act"), or any state securities laws, and, unless so
registered, may not be offered or sold within the United States or to, or for
the account or benefit of, U.S. persons except pursuant to an exemption from,
or in a transaction not subject to, the registration requirements of the
Securities Act. This press release does not constitute an offer to sell or
the solicitation of an offer to buy any security and shall not constitute an
offer, solicitation or sale in any jurisdiction in which such offering would
be unlawful.
MGM MIRAGE (NYSE: MGM), one of the world's leading and most respected
development companies with significant holdings in gaming, hospitality and
entertainment, owns and operates 17 properties located in Nevada, Mississippi
and Michigan, and has 50% investments in four other properties in Nevada, New
Jersey, Illinois and Macau. MGM MIRAGE is developing major casino and
non-casino resorts, separately and with partners in Las Vegas, Atlantic City,
the People's Republic of China and Abu Dhabi, U.A.E. MGM MIRAGE supports
responsible gaming and has implemented the American Gaming Association's Code
of Conduct for Responsible Gaming at its properties. MGM MIRAGE has received
numerous awards and recognitions for its industry-leading Diversity Initiative
and its community philanthropy programs. For more information about MGM
MIRAGE, please visit the company's website at http://www.mgmmirage.com.
Statements in this release which are not historical facts are "forward
looking" statements and "safe harbor statements" under the Private Securities
Litigation Reform Act of 1995 that involve risks and/or uncertainties,
including risks and/or uncertainties as described in the company's public
filings with the Securities and Exchange Commission.
