MGM Mirage closed a previously announced private offering of $845 million in long term debt Wednesday, securing the notes with a mortgage on the MGM Grand.
The company said it received approximately $826 million in net proceeds, which allows the casino operator to extend the due date of the debt to 2014.
Analysts said the transaction was done to restructure the company’s debt and give MGM Mirage some financial flexibility.
“The restated credit facility permits the extension of a significant portion of our credit facilities,” MGM Mirage Chief Financial Officer Dan D’Arrigo said in a statement. “These events significantly enhance the liquidity and maturity profile of our company.”
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