MGM MIRAGE Enters into an Amendment and Waiver to its Senior Credit Facility
13 Maio 2009 - 6:50AM
PR Newswire (US)
LAS VEGAS, May 13 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE:MGM)
today announced that it has entered into amendment no. 6 and waiver
to its senior credit facility, the effectiveness of which is
conditioned upon (i) the closing of concurrent offerings of our
common stock and our new senior secured notes offering, with the
gross proceeds of the offerings not to be less than $2.5 billion,
(ii) permanent repayment of $750 million of the credit facility
borrowings, allocated between the term loan and the revolving loan
on a pro rata basis, (iii) to the extent that the gross proceeds of
the offerings are in excess of $2.5 billion, permanent repayment of
the credit facility borrowings allocated between the term loan and
the revolving loan on a pro rata basis, equal to 50% of such
excess, and (iv) treatment of the $400 million in aggregate
repayment of the credit facility borrowings made as a condition to
amendment no. 2 and amendment no. 5 to our senior credit facility
as a permanent prepayment of the credit facility borrowings. The
amendment also provides for the following: -- Amend certain
financial and non financial covenants to a) require a quarterly
minimum EBITDA test, based on rolling 12-month EBITDA; b) provide
for a covenant limiting annual capital expenditures; c) eliminate
the total leverage ratio and interest charge coverage ratio tests
and permanently waive any prior non-compliance with such ratio
tests for the quarter ended March 31, 2009; and d) permanently
waive any potential default from the inclusion of a "going concern"
explanatory paragraph in the report of the Company's independent
registered public accountants for the years ended December 31, 2008
and 2009; -- Amend existing restrictions to allow, in connection
with the offerings, for the issuance of equity and debt securities
of up to $3.0 billion, and in connection therewith amend existing
restrictions to allow for the granting of liens to secure
indebtedness of up to $1.5 billion; -- Amend existing restrictions
to allow the prepayment, redemption, or purchase of indebtedness,
including payment of any premium, pursuant to certain tender
offers; -- Amend existing restrictions to allow (i) the redemption,
prepayment, repurchase, and/or defeasance of the 7.25% senior
debentures due 2017 of Mirage Resorts, Incorporated; (ii) repayment
of any registered debt securities currently outstanding and
maturing through February 28, 2011; (iii) utilization of up to $300
million in cash to prepay, repurchase or redeem indebtedness with a
maturity date following February 28, 2011 at a discount to par; and
(iv) the exchange of indebtedness for up to $500 million in equity
interests as long as a change of control does not occur as a result
of such exchange; -- Allow the Company to incur additional
indebtedness up to $500 million; provided, however, that, such
indebtedness must be unsecured indebtedness with a maturity after
the maturity of the senior credit facility with covenants no more
restrictive than those contained in the indentures governing the
Company's existing senior unsecured indebtedness. Without
duplication of the requirements described above, 50% of the net
proceeds of such indebtedness must be used to permanently reduce
the term loan and revolving portions of the senior credit facility
on a pro rata basis; -- Provide that 50% of the net proceeds from
any future asset sales will be used to permanently reduce the term
loan and revolving portions of the senior credit facility on a pro
rata basis, subject to any similar requirements in other debt
instruments; and -- Fix the LIBOR margin at 4.00% and the base rate
margin at 3.00%, which margins reflect an increase of 1.00% from
the highest corresponding margin previously applicable. 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. About MGM MIRAGE MGM MIRAGE (NYSE:MGM), one of the
world's leading and most respected companies with significant
holdings in gaming, hospitality and entertainment, owns and
operates 16 properties located in Nevada, Mississippi and Michigan,
and has 50% investments in four other properties in Nevada, New
Jersey, Illinois and Macau. CityCenter, an unprecedented urban
metropolis on the Las Vegas Strip scheduled to open in late 2009,
is a joint venture between MGM MIRAGE and Infinity World
Development Corp, a subsidiary of Dubai World. MGM MIRAGE
Hospitality has entered into management agreements for future
casino and non-casino resorts in the People's Republic of China,
Abu Dhabi, U.A.E. and Vietnam. 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/. CONTACTS: Investment
Community Media DAN D'ARRIGO ALAN M. FELDMAN Executive Vice
President Senior Vice President of and CFO Public Affairs (702)
693-8895 (702) 650-6947 OR DATASOURCE: MGM MIRAGE CONTACT:
Investment Community, Dan D'Arrigo, Executive Vice President and
CFO, +1-702-693-8895, or Media, Alan M. Feldman, Senior Vice
President of Public Affairs, +1-702-650-6947, , both of MGM MIRAGE
Web Site: http://www.mgmmirage.com/ Company News On-Call:
http://www.prnewswire.com/comp/000725.html
Copyright
MGM Resorts (NYSE:MGM)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
MGM Resorts (NYSE:MGM)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024