MGM Mirage calls all $200 million 6 7/8% collateralized notes

By Caroline Salls

Pittsburgh, Jan. 11 - MGM Mirage said it will redeem all $200 million outstanding of its 6 7/8% collateralized notes due Feb. 6, 2008 on Feb. 9 at a price equal to the present value of the remaining scheduled interest and principal payments from the redemption date through maturity plus interest accrued to the redemption date.

The company plans to use cash on hand and its borrowings from its existing senior credit facility to fund the redemption.

Under the terms of its existing senior debt, upon redemption of the notes, along with the maturity of the company's 6.95% senior collateralized notes due Feb. 1, 2005, MGM Mirage may request the release of all collateral currently in place related to its senior debt.

MGM Mirage is a Las Vegas-based hotel and gaming company.

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