By Paul A. Harris
St. Louis, Aug. 25 - MGM Mirage priced an upsized $375 million add-on to its 6 5/8% senior notes due July 15, 2015 (Ba2/BB) at 101.375 in a quick-to-market transaction on Thursday to yield 6.432%, according to an informed source.
The add-on priced on top of the 101.375 area price talk.
Banc of America Securities LLC, Citigroup, Deutsche Bank Securities and Merrill Lynch ran the books for the Rule 144A with registration rights add-on.
Proceeds will be used to repay bank debt and for general corporate purposes.
The add-on was upsized from $250 million.
The original $500 million issue priced at par on June 9, 2005, taking the total issue size to $875 million.
The issuer is a Las Vegas casino and resort company.
| Issuer: | MGM Mirage
|
| Amount: | $375 million (increased from $250 million)
|
| Maturity: | July 15, 2015
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| Security description: | Add-on to 6 5/8% senior notes
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| Bookrunners: | Banc of America Securities LLC, Citigroup, Deutsche Bank Securities, Merrill Lynch
|
| Coupon: | 6 5/8%
|
| Price: | 101.375
|
| Yield: | 6.432%
|
| Spread: | 226 basis points
|
| Call protection: | Make-whole call at Treasuries plus 50 basis points
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| Trade date: | Aug. 25
|
| Settlement date: | Sept. 9 with accrued interest
|
| Ratings: | Moody's: Ba2
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| Standard & Poor's: BB
|
| Price talk: | 101.375 area
|
| Original issue: | $500 million priced at par on June 9, 2005
|
| Total issue size: | $875 million
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