MGM MIRAGE Announces Receipt of Requisite Consents in Its Consent Solicitation for Its 13% Senior Secured Notes Due 2013
16 Junho 2009 - 9:30AM
PR Newswire (US)
LAS VEGAS, June 16 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE:MGM)
today announced the expiration of, and receipt of requisite
consents in, its consent solicitation with respect to an amendment
to the indenture governing its 13% Senior Secured Notes due 2013
($750 million aggregate principal amount; CUSIP Nos. 552953 BD2 and
U5928T AH4) (the "Notes"). The amendment provides that the
non-collateral asset sale covenant does not apply to the previously
announced sale of Treasure Island. In addition, the amendment
conforms the non-collateral asset sale covenant with the
corresponding covenant in the indenture dated May 19, 2009, which
governs the Company's 10.375% Senior Secured Notes due 2014 and
11.125% Senior Secured Notes due 2017. On June 15, 2009, following
the expiration of the consent solicitation and the receipt of the
requisite consents for the adoption of the amendment, the Company,
its subsidiary guarantors, and the trustee for the Notes executed
and delivered the supplemental indenture, dated June 15, 2009,
giving effect to the amendment. The Company will settle today the
consent payment with respect to Notes for which consents have been
delivered and accepted in the consent solicitation. Persons with
questions regarding the consent solicitation should contact the
solicitation agent, Banc of America Securities LLC, at (888)
292-0070, or the information and tabulation agent, Global
Bondholder Services Corporation, at (866) 470-4200 or (212)
430-3774. 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 News
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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