/C O R R E C T I O N -- MGM MIRAGE/
26 Fevereiro 2010 - 6:33PM
PR Newswire (US)
LAS VEGAS, Feb. 26 /PRNewswire-FirstCall/ -- MGM MIRAGE today
announced that lenders representing approximately $4.37 billion of
the outstanding commitments under its $5.55 billion senior bank
credit facility have entered into an amendment agreement (the
"Amendment") which, subject to certain conditions, will extend the
maturity of a portion of the credit facility from October 3, 2011
to February 21, 2014. "This Amendment underscores the tremendous
confidence our bank group has in our Company," said Jim Murren,
Chairman and Chief Executive Officer of MGM MIRAGE. "The
transaction provides us with additional long-term financial
flexibility and reflects our continued commitment to strengthen our
financial position. The terms of this amendment are extremely
beneficial to our shareholders and reflect the tireless efforts of
our financial and legal teams to work with our financial partners
to achieve such an unprecedented transaction." Pursuant to the
Amendment a restatement of the Company's senior credit facility
(the "Restated Loan Agreement") will become effective upon the
making of certain required prepayments and satisfaction of certain
documentary conditions provided that these occur no later than June
30, 2010. The Restated Loan Agreement will: -- Require the Company
to make a 20% reduction in credit exposures to lenders which have
agreed to extend their commitments, other than lenders which have
waived such reduction (the "Required Prepayments" - approximately
$820 million); -- Re-tranche the senior credit facility so that
approximately $1.4 billion of revolving loans and commitments will
be effectively converted into term loans, leaving a revolving
credit commitment of $2.0 billion, approximately $300 million of
which will mature in October 2011; -- Require the Company to repay
the approximately $1.2 billion owed to lenders who have not agreed
to extend their commitments by October 2011; -- Extend the maturity
date for the remaining approximately $3.6 billion under the credit
facility through February 21, 2014 (subject to certain conditions);
-- Provide for extension fees and a 100 basis point increase in
interest rate for extending lenders; -- Continue the existing
minimum EBITDA and capital expenditure covenants with periodic
step-ups during the extension period; and -- Permit the Company to
issue unsecured debt and equity to refinance interim maturities.
The Amendment permits the Company to raise up to $850 million
through the issuance of secured indebtedness to fund all or a
portion of the Required Prepayments. The Amendment also authorizes
the Company to transfer its 50% interest in Borgata and related
land holdings into a trust as contemplated by a proposed settlement
that the Company continues to negotiate with the New Jersey
Division of Gaming Enforcement. "Completing this Amendment
represents another important milestone as we continue to improve
our balance sheet and enhance our debt maturity profile," said Dan
D'Arrigo, Executive Vice President and Chief Financial Officer of
MGM MIRAGE. "This is a testament to the strength of our bank
relationships and the partnership we have enjoyed with our lenders
over the years." Bank of America, N.A. is the administrative agent
for the Restated Loan Agreement. The joint lead arrangers for the
Restated Loan Agreement are Banc of America Securities LLC, RBS
Securities, Inc., J.P. Morgan Securities Inc., Barclays Capital,
BNP Paribas Securities Corp., Deutsche Bank Securities Inc.,
Citibank North America, Inc., Sumitomo Mitsui Banking Corporation,
Bank of Scotland Plc, Commerzbank, Wachovia Bank, National
Association, Morgan Stanley Senior Funding, Inc. and UBS Securities
LLC. MGM MIRAGE , one of the world's leading and most respected
companies with significant holdings in gaming, hospitality and
entertainment, owns and operates 15 properties located in Nevada,
Mississippi and Michigan, and has 50% investments in five other
properties in Nevada, New Jersey, Illinois and Macau. One of those
investments - CityCenter - is also managed by MGM MIRAGE.
CityCenter, an unprecedented urban metropolis on the Las Vegas
Strip with Gold and Silver LEED ® certifications, is a joint
venture between MGM MIRAGE and Infinity World Development Corp, a
subsidiary of Dubai World. CityCenter features ARIA Resort &
Casino, Vdara Hotel & Spa, Mandarin Oriental, Las Vegas; Veer
Towers, and Crystals retail and entertainment district. MGM MIRAGE
Hospitality has entered into management agreements for casino and
non-casino resorts throughout the world. 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 Web site 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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