LAS VEGAS, Oct. 6 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE: MGM)
announced today that it has entered into Amendment No. 1 (the "Amendment")
to the Company's Fifth Amended and Restated Loan Agreement by and among the
Company, MGM Grand Detroit, LLC, as initial co-borrower, and the lenders
named therein.
"We are pleased by the overwhelming support our financial partners have
shown in our Company," said Dan D'Arrigo, Executive Vice President and CFO
of MGM MIRAGE. "MGM enjoys one of the strongest balance sheets in our
industry and although we have remained comfortably within all of our
financial requirements, we believe it is a prudent course of action to
maintain greater financial flexibility in these uncertain credit markets."
The Amendment increases the maximum total leverage ratio, modifies
drawn and undrawn pricing levels as well as revises certain definitions and
limitations on secured indebtedness. The foregoing description of the Fifth
Amended and Restated Loan Agreement and this Amendment does not purport to
be complete and is qualified in its entirety by the respective terms of
each of these agreements. A complete copy of each of these documents can be
obtained by visiting the Company's website at http://www.mgmmirage.com or
the SEC's website at http://sec.gov/.
About MGM MIRAGE:
MGM MIRAGE (NYSE: MGM), one of the world's leading and most respected
development companies with significant holdings in gaming, hospitality and
entertainment, owns and operates 17 properties located in Nevada,
Mississippi and Michigan, and has 50% investments in four other properties
in Nevada, New Jersey, Illinois and Macau. MGM MIRAGE is developing major
casino and non- casino resorts, separately and with partners in Las Vegas,
Atlantic City, the People's Republic of China and Abu Dhabi, U.A.E. MGM
MIRAGE supports responsible gaming and has implemented the American Gaming
Association's Code of Conduct for Responsible Gaming at its properties. MGM
MIRAGE has received numerous awards and recognitions for its
industry-leading Diversity Initiative and its community philanthropy
programs. For more information about MGM MIRAGE, please visit the company's
website at http://www.mgmmirage.com.
Statements in this release which are not historical facts are "forward
looking" statements and "safe harbor statements" under the Private
Securities Litigation Reform Act of 1995 that involve risks and/or
uncertainties, including risks and/or uncertainties as described in the
company's public filings with the Securities and Exchange Commission.
SOURCE MGM MIRAGE
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CONTACT:
Investment Community, Dan D'Arrigo, EVP &
Chief Financial Officer, +1-702-693-8895, or Media, Alan M.
Feldman, Senior Vice President of Public Affairs,
+1-702-650-6947, afeldman@mirage.com, both of MGM MIRAGE
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