MGM Offers Senior Secured Notes
Casino operator MGM Mirage (MGM: 10.86 -1.18%) has announced that under the terms of the credit amendment entered into last month, they will begin offering up to $845 million in aggregate principal amount of its 9% senior secured notes due 2020 in a private placement.
The notes will be secured by a mortgage on the MGM Grand Las Vegas and substantially all existing and future properties owned by MGM Grand Hotel, LLC and upon receiving necessary gaming approvals, a pledge of the limited liability company interest in MGM Grand Hotel, LLC.
The transaction is expected to close on March 16, 2010, with net proceeds being used to repay a portion of the outstanding indebtedness under its senior credit facility and related fees and expenses.
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