Thursday, Aug. 27, 2009 | 2:53 p.m.
MGM Mirage announced a debt-exchange deal Thursday in which it plans to swap some of its $782 million in 8.5 percent notes due in 2010 for up to $500 million in 10 percent notes due in 2016.
The exchange offer is being made only to qualified institutional buyers and to certain non-U.S. investors.
The Las Vegas hotel-casino operator said that for each $1,000 principal amount of existing notes tendered through Sept. 10 and accepted, the holder will receive $1,175 principal amount of new notes. This includes $50 for participating by Sept. 10.
For those tendering after Sept. 10, the offer minus the $50 bonus is good through Sept. 24.
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