MGM Mirage starts exchange offer for a portion of 8½% notes due 2010

By Angela McDaniels

Tacoma, Wash., Aug. 27 - MGM Mirage is offering 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, according to a company news release.

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 only be issued for notes tendered by the early participation date.

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.

The early participation date is 5 p.m. ET on Sept. 10, and the offer will expire at 11:59 p.m. ET on Sept. 24.

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

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