MGM Mirage (MGM) announced that it is seeking amendments to its aggregate $5.55 billion of senior credit facilities, which would extend the maturity of a substantial portion of those credit facilities from October 3, 2011 to February 21, 2014. The company has asked its lenders to provide their final approvals of the transaction by February 24, 2010.
In connection with the proposed amendment, the company also provided an update concerning its discussions with the New Jersey Division of Gaming Enforcement, or DGE, about the DGE's May 2009 recommendation to the New Jersey Casino Control Commission that MGM Mirage's joint venture partner in Macau be found unsuitable. MGM Mirage stated that it is currently involved in constructive settlement discussions with the DGE, which have centered on the company placing its 50% ownership interest in the Borgata Hotel Casino & Spa and related leased land in Atlantic City into a divestiture trust for which MGM Mirage would be the sole economic beneficiary. The company has asked its lenders to consent to the trust arrangement.
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