MGM Mirage secures consents for its $750 million 13% notes due 2013

By Susanna Moon

Chicago, June 16 - MGM Mirage said it received the required consents to amend its $750 million principal amount of 13% senior secured notes due 2013.

The solicitation expired at 5 p.m. ET on June 15 and was expected to settle June 16. It began on June 5.

The amendment provides that the non-collateral asset sale covenant does not apply to the previously announced sale of Treasure Island. In addition, the amendment conforms the non-collateral asset sale covenant with the corresponding covenant in the indenture dated May 19, which governs the company's 10 3/8% senior secured notes due 2014 and 11 1/8% senior secured notes due 2017.

The consent solicitation required the receipt of consents from holders of at least a majority of the outstanding notes.

Banc of America Securities LLC (888 292-0070) is the solicitation agent. Global Bondholder Services Corp. (866 470-4200 or 212 430-3774) is the information and tabulation agent.

The Las Vegas-based gaming, hospitality and entertainment company had previously said only tendering holders as of 5 p.m. ET on June 3 would be eligible to receive a consent payment. The amount was not specified in the press release.

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