Tags: US | MGM | Mirage | Notes

MGM Mirage Raises Senior Notes Offering to $1B

Friday, 16 Apr 2010 03:27 PM

 

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MGM Mirage said Friday that it raised the size of its convertible senior notes offering to $1 billion from the $750 million in five-year notes the casino operator said Wednesday that it would offer.

Also Friday, Investor Kirk Kerkorian's Tracinda Corp., which owns 37 percent of MGM, said in a filing that it has agreed not to sell its shares for at least 60 days after the notes offering.

MGM Mirage, which is based in Las Vegas and said Wednesday that it expects to report a first-quarter loss of $96.7 million, plans to use the private offering's net proceeds to pay back part of its outstanding senior debt.

The company gave the underwriters an option to buy up to $150 million additional notes to cover any over-allotments.

The offering is expected to close Tuesday.

Tracinda "continues to explore strategic alternatives" for its MGM shares, the filing said.

Shares of MGM Mirage fell 24 cents to $14.33 in afternoon trading.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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