MGM MIRAGE Amends Senior Bank Credit Facility
06 Outubro 2008 - 9:30AM
PR Newswire (US)
LAS VEGAS, Oct. 6 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE:MGM)
announced today that it has entered into Amendment No. 1 (the
"Amendment") to the Company's Fifth Amended and Restated Loan
Agreement by and among the Company, MGM Grand Detroit, LLC, as
initial co-borrower, and the lenders named therein. "We are pleased
by the overwhelming support our financial partners have shown in
our Company," said Dan D'Arrigo, Executive Vice President and CFO
of MGM MIRAGE. "MGM enjoys one of the strongest balance sheets in
our industry and although we have remained comfortably within all
of our financial requirements, we believe it is a prudent course of
action to maintain greater financial flexibility in these uncertain
credit markets." The Amendment increases the maximum total leverage
ratio, modifies drawn and undrawn pricing levels as well as revises
certain definitions and limitations on secured indebtedness. The
foregoing description of the Fifth Amended and Restated Loan
Agreement and this Amendment does not purport to be complete and is
qualified in its entirety by the respective terms of each of these
agreements. A complete copy of each of these documents can be
obtained by visiting the Company's website at
http://www.mgmmirage.com/ or the SEC's website at http://sec.gov/.
About MGM MIRAGE: 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. DATASOURCE: MGM MIRAGE
CONTACT: Investment Community, Dan D'Arrigo, EVP & Chief
Financial Officer, +1-702-693-8895, or Media, Alan M. Feldman,
Senior Vice President of Public Affairs, +1-702-650-6947, , both of
MGM MIRAGE
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