MGM MIRAGE Amends and Restates $7 Billion Loan Agreement
10 Outubro 2006 - 6:00PM
PR Newswire (US)
LAS VEGAS, Oct. 10 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE:MGM)
announced today that it has entered into the Fifth Amended and
Restated Loan Agreement (the "Fifth Loan Agreement") by and among
the Company, MGM Grand Detroit, LLC, as initial co-borrower, and
the lenders named therein. The Fifth Loan Agreement provides for a
maximum borrowing capacity of $7 billion consisting of a revolving
credit facility and a term loan facility. "We are extremely
gratified by the overwhelming support our financial partners have
shown in our Company," said Jim Murren, President, CFO and
Treasurer of MGM MIRAGE. "This credit facility when combined with
our internally generated cash flows will provide us the capital
necessary to finance our domestic and international growth
initiatives while at the same time allowing us to continue to
re-invest in our market leading resorts." The Fifth Loan Agreement
reallocates $1.0 billion from the existing revolving credit
facility such that the amended senior credit facilities will
consist of a $4.5 billion senior revolving credit facility and a
$2.5 billion senior term loan facility, in each case extending the
maturity date to October 2011. Additionally, the senior credit
facilities include an increase option where the Company may solicit
either existing lenders or new lenders to raise additional
commitments to either the senior revolving credit facility, the
senior term loan facility, or both of them, thereby increasing the
maximum borrowing capacity under these facilities to $8.0 billion.
The Fifth Loan Agreement reduces draw pricing and undrawn pricing
across the grid by 37.5 basis points and 5 basis points,
respectively and revises the terms of the maximum total leverage
ratio and interest charge coverage ratio covenants. In addition,
the senior credit facilities provide for customary affirmative,
negative and financial covenants; however, it will no longer
contain a senior leverage ratio covenant. The foregoing description
of the Fifth Loan Agreement does not purport to be complete and is
qualified in its entirety by the terms of the Fifth Loan Agreement.
A complete copy of the Fifth Loan Agreement can be obtained by
visiting the Company's website at http://www.mgmmirage.com/ or the
SEC's website at http://sec.gov/. * * * MGM MIRAGE (NYSE:MGM), one
of the world's leading and most respected hotel and gaming
companies, owns and operates 23 properties located in Nevada,
Mississippi and Michigan, and has investments in three other
properties in Nevada, New Jersey and Illinois. MGM MIRAGE has also
announced plans to develop Project CityCenter, a multi-billion
dollar mixed-use urban development project in the heart of Las
Vegas, and has a 50 percent interest in MGM Grand Macau, a
hotel-casino resort currently under construction in Macau S.A.R.
MGM MIRAGE supports responsible gaming and has implemented the
American Gaming Association's Code of Conduct for Responsible
Gaming at its properties. MGM MIRAGE also has been the recipient of
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. DATASOURCE: MGM MIRAGE
CONTACT: Investors, James J. Murren, President, Chief Financial
Officer & Treasurer, +1-702-693-8877, or Media, Alan M.
Feldman, Senior Vice President, Public Affairs, +1-702-891-7147,
both of MGM MIRAGE Web site: http://www.mgmmirage.com/
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