MGM Mirage to repay revolver debt with proceeds from $600 million note sale

By Sara Rosenberg

New York, Sept. 11 - MGM Mirage plans to repay part of the outstanding debt under its $2 billion revolver with proceeds from a $600 million senior notes offering due Oct. 1, 2009, which priced on Thursday at par to yield 6%.

As of June 30, $1.7 billion was outstanding under the revolver, which expires in May 2005. The interest rate on the tranche was 2.21% as of June 30.

MGM Mirage is a Las Vegas gaming, hotel and entertainment company.

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