Mirant Americas offering 7.625% senior secured notes in exchange

New York, June 3 - Mirant Americas Generating LLC is offering 7.625% senior secured notes due 2008 as part of the overall exchange offer announced Monday by Mirant.

Mirant Americas Generating will offer $1,000 principal amount of the new 7.625% senior secured notes due 2008 for each $1,000 principal amount of its existing 7.625% senior notes due 2006.

The overall exchange was unveiled late Monday by Mirant but it did not disclose details of the exchange for Mirant Americas Generating.

Mirant is offering $1,000 principal amount of new 7.5% senior secured notes due 2008 for each $1,000 principal amount of its $750 million 2.5% convertible debentures due 2021 but putable in 2004 and $200 million 7.4% senior notes due 2004.

The new senior secured credit facilities and the new notes will be secured by first priority liens on the assets of certain direct and indirect U.S. subsidiaries of Mirant. They will also be backed by a pledge of 100% of the stock of certain indirect U.S. subsidiaries of Mirant and 65% of the stock of certain indirect foreign subsidiaries of Mirant.

The new notes to be issued by Mirant and Mirant Americas Generation LLC and the company's proposed new credit facilities will share the security equally.

The exchange runs through midnight ET on June 27 unless extended.

The exchange agent is Deutsche Bank Trust Co. Americas and the information agent and voting agent is Innisfree M&A Inc.

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