MGM MIRAGE has secured a deal with key lenders to extend the maturity on part of its US$5.55 billion bank debt by two and a half years.
The company announced to the New York Stock Exchange that lenders representing approximately US$4.37 billion of the outstanding commitments under its US$5.55 billion senior bank credit facility have entered into the amendment agreement. Subject to certain conditions, the deal will extend the maturity of a portion of the company’s credit facility from 3rd October 2011 to 21st February 2014.
“This amendment underscores the tremendous confidence our bank group has in our company,” said Jim Murren, Chairman and Chief Executive Officer of MGM MIRAGE in a prepared statement.
“The transaction provides us with additional long-term financial flexibility and reflects our continued commitment to strengthen our financial position,” added Mr Murren.
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