By Paul A. Harris
St. Louis, Aug. 11 - MGM Mirage priced an upsized, quick-to-market $550 million of eight-year senior notes (Ba1/BB+) at par on Wednesday to yield 6¾%, according to a syndicate source.
Price talk was 6¾% to 6 7/8%.
Banc of America Securities and Citigroup ran the books for the Rule 144A issue. The co-managers were Barclays Capital, BNP Paribas, CIBC World Markets, Deutsche Bank Securities, JP Morgan, Keybank, RBS Capital Markets, Scotia Capital, Wells Fargo Capital and Piper Jaffray.
Proceeds will be used to repay bank debt.
The Las Vegas-based issuer is an owner-operator of a hotel and casino resort.
The issue was upsized from $500 million.
| Issuer: | MGM Mirage
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| Amount: | $550 million (increased from $500 million)
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| Maturity: | Sept. 1, 2012
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| Security description: | Senior notes
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| Bookrunners: | Banc of America Securities, Citigroup
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| Coupon: | 6¾%
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| Price: | Par
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| Yield: | 6¾%
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| Spread: | 267 basis points
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| Call protection: | Make-whole call at Treasuries plus 50 basis points
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| Pricing date: | Aug. 11
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| Settlement date: | Aug. 25
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| Ratings: | Moody's: Ba1
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| Standard & Poor's: BB+
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| Price talk: | 6¾%-6 7/8%
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