MGM Mirage buys back $345 million notes in 2008; investors put $149.4 million

By Susanna Moon

Chicago, March 17 - MGM Mirage's board of directors authorized the purchase of up to $500 million of its public debt securities in October, according to a 10-K filing with the Securities and Exchange Commission.

In 2008, the company repurchased $345 million principal amount of the following outstanding senior notes for $263 million in the open market:

• $230 million of its 6% senior notes due 2009;

• $43 million of its 8½% senior notes due 2010;

• $3.7 million of its 6 3/8% senior notes due 2011;

• $5.4 million of its 6¾% senior notes due 2012;

• $15.8 million of its 6¾% senior notes due 2013;

• $16.1 million of its 5 7/8% senior notes due 2014;

• $7.1 million of its 6 7/8% senior notes due 2016;

• $17.3 million of its 7½% senior notes due 2016; and

• $7 million of its 7 5/8% senior notes due 2017.

Also in the fourth quarter of 2008, the Las Vegas-based gaming company redeemed at par $149.4 million principal amount of its 7% debentures due 2036 under a one-time put option.

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