MGM Mirage extends early deadline in exchange offer for 8½% notes

By Jennifer Chiou

New York, Sept. 11 - MGM Mirage announced the extension of the early deadline in its offer to issue up to $500 million of new 10% senior notes due Sept. 15, 2016 in exchange for a portion of its $782 million of outstanding 8½% senior notes due 2010.

The early participation deadline is now 11:59 p.m. ET on Sept. 24, extended from 5 p.m. ET on Sept. 10, to coincide with the offer deadline.

As already reported, the offer is being made only to eligible holders, who will receive the full details in a confidential offering memorandum.

For each $1,000 principal amount of notes tendered and accepted, holders will receive $1,175 principal amount of the new notes, including $50 of new notes that will now be issued to all tendering holders.

Holders will also receive accrued interest up to but excluding the applicable settlement date.

If the exchange offer is oversubscribed, the tendered notes will be subject to proration, and priority will be given to notes tendered by the early participation date.

Holders who tender by the early participation date will receive their new notes promptly following the early participation date.

MGM Mirage is Las Vegas-based gaming, hospitality and entertainment company.

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