Icahn launches tender for Metro-Goldwyn-Mayer senior secured loans

By Sara Rosenberg

New York, Oct. 26 - Carl Icahn's affiliates launched a tender offer on Tuesday for Metro-Goldwyn-Mayer Inc.'s senior secured loans at a purchase price of $0.53 per $1.00 principal amount, according to a news release.

The offer is conditioned on at least $1.6 billion in principal amount of the loans being tendered.

This amount plus the amount of debt currently owned by the Icahn parties will make up roughly 51% of the outstanding senior loans.

Also, Icahn's previously announced tender offer for the loans at a price of $0.45 remains outstanding.

The offer will expire at the voting deadline for the MGM/Spyglass pre-packaged plan on Oct. 29 and is conditioned on the Spyglass plan being rejected.

MGM is a Los Angeles-based motion picture, television, home video and theatrical production and distribution company.

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