MGM Mirage calls all remaining 7¼% senior debentures due 2017 issued by Mirage Resorts

By Jennifer Chiou

New York, May 13 - MGM Mirage said it will redeem all of the 7¼% senior debentures due 2017 of Mirage Resorts, Inc.

The company said it plans to use the net proceeds from a $1.5 billion private placement of senior secured notes in two tranches to partially fund the redemption.

The company will also use funds from its underwritten public offering of 81 million shares of its common stock for gross proceeds of about $1 billion. Merrill Lynch & Co., Deutsche Bank Securities Inc., J.P. Morgan Securities Inc., Morgan Stanley & Co. Inc. and UBS Investment Bank are the joint book-running managers.

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

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