International edition
October 16, 2021

Made to certain institutional buyers and some investors outside the United States

MGM terminates debt-exchange offer

(US).- Casino operator MGM Mirage said this week it ended a debt-swap offer because the required minimum amount of notes were not tendered by holders, and its shares were down more than 7 %.


he offer, made to certain institutional buyers and some investors outside the United States, would have allowed holders to exchange a portion of us$ 782 million in 8.5 % senior notes due 2010 for the company's 10 % notes due six years later.

The exchange offer required that a minimum us$ 25 million of the 2016 notes be issued for 2010 notes validly tendered. As of September 30, about us$ 9.12 million in the 2010 notes were tendered, which if accepted would have been exchanged for about us$ 10.72 million in the higher-yielding notes. Notes that were tendered and not withdrawn will be returned to holders, MGM said.

MGM, whose largest shareholder is billionaire investor Kirk Kerkorian, had made the offer in late August, and amended it in mid-September to change some terms and extend the expiration date. MGM shares were down 89 cents, or 7.4 %, at us$ 11.15 in morning New York Stock Exchange trading.

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