MGM Mirage Gets Debt Extension

stacy123 · #1 03-01-2010, 05:32 PM

MGM Mirage announced on Friday that they have been given an extension to the timeline as to when they are to repay their debt to lenders. Lenders have granted MGM Mirage an additional three years to pay back $4.37 billion of a $5.5 billion credit line that was to be due next year.

MGM Mirage requested this extension because they are trying to improve their balance sheet during these hard economic times. Visitation and customer spending have been down.

Quote:

"The transaction provides us with additional long-term financial flexibility and reflects our continued commitment to strengthen our financial position," MGM Mirage Chairman and Chief Executive Officer Jim Murren said in a statement.

Under the agreement, MGM Mirage's bonds that were due to mature on Oct. 3, 2011, will now come due on Feb. 21, 2014.

This is great news for them as I have been reading about how they have struggled. This may be just what the doctor ordered.

ClassyTouch · #2 03-02-2010, 01:03 PM

That is great news for MGM!!! I love the Mirage and would really hate to see it gone.

I am thankful that they are granting them an extention.

I wish the banks and finance companies all over would be as good to people as this one is. It is so hard for people here to get extentions or mortages around here.