MGM Mirage wants to extend maturity on some debt

Page Last Updated: Monday February 8, 2010 11:28am PST

MGM Mirage says it wants to push back the maturity dates on some $5.55 billion of debt by more than two years.

The company said Monday it wants final approval from lenders by Feb. 24.

Shares of MGM Mirage rose 11 cents to $11.05 in premarket trading.

The company based in Las Vegas wants to extend the maturity of a "substantial portion" of the credit agreements to Feb. 21, 2014 from Oct. 3, 2011.

MGM Mirage Chief Financial Officer Dan D'Arrigo said in a statement that the company has already received "strong initial support" from some lenders and is seeking approval from others.

If approved, $1.4 billion of the revolving loans and commitments would be converted into term loans. The transaction would also give MGM Mirage the ability to issue more secured debt.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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