Tags: NV | MGM | Mirage | Facility

MGM Mirage Wants to Extend Maturity on Some Debt

Monday, 08 Feb 2010 01:33 PM

MGM Mirage says it wants to push back the maturity dates on some $5.55 billion of debt by more than two years.

The company said Monday it wants final approval from lenders by Feb. 24.

Shares of MGM Mirage rose 11 cents to $11.05 in premarket trading.

The company based in Las Vegas wants to extend the maturity of a "substantial portion" of the credit agreements to Feb. 21, 2014 from Oct. 3, 2011.

MGM Mirage Chief Financial Officer Dan D'Arrigo said in a statement that the company has already received "strong initial support" from some lenders and is seeking approval from others.

If approved, $1.4 billion of the revolving loans and commitments would be converted into term loans. The transaction would also give MGM Mirage the ability to issue more secured debt.

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MGM Mirage says it wants to push back the maturity dates on some $5.55 billion of debt by more than two years.The company said Monday it wants final approval from lenders by Feb. 24.Shares of MGM Mirage rose 11 cents to $11.05 in premarket trading.The company based in Las...
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