MGM Mirage wants to extend maturity dates on some $5.55 billion of debt
By APMonday, February 8, 2010
MGM Mirage wants to extend maturity on some debt
LAS VEGAS — MGM Mirage says it wants to push back the maturity dates on some $5.55 billion of debt by more than two years.
The company said Monday it wants final approval from lenders by Feb. 24.
Shares of MGM Mirage rose 11 cents to $11.05 in premarket trading.
The company based in Las Vegas wants to extend the maturity of a “substantial portion” of the credit agreements to Feb. 21, 2014 from Oct. 3, 2011.
MGM Mirage Chief Financial Officer Dan D’Arrigo said in a statement that the company has already received “strong initial support” from some lenders and is seeking approval from others.
If approved, $1.4 billion of the revolving loans and commitments would be converted into term loans. The transaction would also give MGM Mirage the ability to issue more secured debt.
