MGM MIRAGE Announces Early Results in Connection With the Tender Offer for Senior Notes Maturing in 2009
28 Maio 2009 - 9:30AM
PR Newswire (US)
LAS VEGAS, May 28 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE:MGM)
today announced the results to date of the cash tender offer (the
"Offer") to purchase any and all of the 6.50% Senior Notes due July
31, 2009 ($226.3 million aggregate principal amount; CUSIP No.
562567 AM9) of Mandalay Resort Group, and its 6.00% senior notes
due October 1, 2009 ($820.0 million aggregate principal amount;
CUSIP No. 552953 AF8) collectively (the "Notes"). As of 5:00 p.m.,
Eastern Daylight Time, on May 27, 2009, which was the "Early
Participation Date" for the tender offer, the company received
valid tenders from holders of $121.8 million in aggregate principal
amount of the 6.50% Senior Notes (approximately 54% of the
outstanding) and $760.8 million in aggregate principal amount of
the 6.00% Senior Notes (approximately 93% of the outstanding).
Holders who validly tendered, and not validly withdrawn, their
Notes prior to the Early Participation Date will receive the total
consideration equal to $1,000 per $1,000 principal amount of their
Notes tendered, which total consideration includes an early tender
premium of $30 per $1,000 principal amount of the Notes, plus any
accrued and unpaid interest on the Notes up to, but not including,
the payment date. The Company expects to settle all Notes tendered
by the Early Participation Date today. The tender offer is being
made pursuant to an Offer to Purchase and a related Letter of
Transmittal, dated as of May 13, 2009. The Offer will expire at
11:59 p.m., New York City time, on June 10, 2009, unless extended
or earlier terminated (the "Expiration Date"). Holders of Notes not
validly tendered and accepted for purchase by the Early
Participation Date will have until the Expiration Date to validly
tender their Notes in order to receive the tender offer
consideration equal to $970 per $1,000 principal amount of the
Notes, plus any accrued and unpaid interest on the Notes up to, but
not including, the payment date for such Notes. The Offer is
subject to customary conditions. This press release is neither an
offer to purchase nor a solicitation of an offer to sell the Notes.
The Offer is being made pursuant to the Offer to Purchase and
related materials, copies of which will be made available to all
noteholders. Persons with questions regarding the Offer should
contact the Dealer Manager, Banc of America Securities LLC, at
(888) 292-0070 (toll free) or (980) 388-9217 (collect), or the
Information Agent, Global Bondholder Services Corporation at (866)
470-4200 or (212) 430-3774. 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/. 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, Executive Vice
President & Chief Financial Officer, +1-702-693-8895, or Media,
Alan M. Feldman, Senior Vice President Public Affairs,
+1-702-650-6947, both of MGM MIRAGE Web Site:
http://www.mgmmirage.com/
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