MGM MIRAGE Announces Termination of Its Exchange Offer
01 Outubro 2009 - 10:00AM
PR Newswire (US)
LAS VEGAS, Oct. 1 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE:MGM)
announced today that it has terminated its offer to eligible
holders to exchange a portion of the $782 million in aggregate
outstanding principal amount of the Company's 8.50% Senior Notes
due 2010 (the "Existing Notes") for the Company's 10.00% Senior
Notes due 2016 (the "New Notes"). The exchange offer was subject to
a minimum condition that no less than $25 million of New Notes must
be issuable for Existing Notes validly tendered and accepted in the
exchange offer (the "Minimum Tender Condition"). As of the
expiration date at 11:59 p.m., New York City time, on September 30,
2009, there were approximately $9.12 million in aggregate principal
amount of Existing Notes validly tendered and not withdrawn, which
if accepted would have been exchanged for approximately $10.72
million in aggregate principal amount of New Notes. Because the
Minimum Tender Condition had not been met as of the expiration
date, the Company has elected to terminate the exchange offer
pursuant to the terms and conditions of the exchange offer. The
Existing Notes tendered and not withdrawn in the exchange offer
will not be accepted and will be promptly returned to their
respective holders. The exchange offer was made only to qualified
institutional buyers and to certain non-U.S. investors located
outside the United States. The exchange offer was made only by, and
pursuant to, the terms set forth in the confidential offering
memorandum and the accompanying letter of transmittal, in each
case, as updated by the press releases issued by the Company on
September 11, 2009 and September 17, 2009. This press release does
not constitute an offer to sell or a solicitation of an offer to
buy the notes, nor shall there be any offer, solicitation or sale
of any notes in any jurisdiction in which such offer, solicitation
or sale would be unlawful. 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
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