By Paul A. Harris
St. Louis, Sept. 8 - MGM Mirage priced an upsized $450 million add-on to its 6% senior notes due Oct. 1, 2009 (Ba1/BB+) at 101.50 on Wednesday, resulting in a 5.653% yield, according to an informed source.
Price talk was 101.25 to 101.625.
JP Morgan, Morgan Stanley, Barclays Capital and Wachovia Securities were joint bookrunners for the Rule 144A add-on.
Proceeds will be used to repay the company's revolving credit facility.
The add-on was upsized from $400 million.
The Las Vegas casino and resort company priced the original $600 million issue on Sept. 11, 2003.
The total size of the issue presently stands at $1.05 billion.
| Issuer: | MGM Mirage
|
| Amount: | $450 million (increased from $400 million)
|
| Security description: | Add-on to 6% senior notes
|
| Maturity: | Oct. 1, 2009
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| Bookrunners: | JP Morgan, Morgan Stanley, Barclays Capital, Wachovia Securities
|
| Coupon: | 6.00%
|
| Price: | 101.50
|
| Yield: | 5.653%
|
| Spread: | 228 basis points
|
| Call protection: | Make-whole call at Treasuries plus 50 basis points
|
| Pricing date: | Sept. 8
|
| Settlement date: | Sept. 22, 2004 flat
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
| Price talk: | 101.25-101.625
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