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MGM Amends $7B Loan Agreement

LAS VEGAS-The Casino operator increases its maximum borrowing capacity to $8 billion.

By Brian K. Miller | Updated on October 11, 2006

LAS VEGAS-MGM Mirage has amended and restated its $7-billion loan agreement. The locally based casino operator said Tuesday that the fifth amended and restated loan agreement gives the company a maximum borrowing capacity of $8 billion.

The agreement reallocates $1.0 billion from the existing revolving credit facility such that the amended senior credit facilities will consist of a $4.5 billion senior revolving credit facility and a $2.5 billion senior term loan facility. It also extends the maturity date to October 2011 and revises the terms of the maximum total leverage ratio and interest charge coverage ratio covenants and reduces pricing across the grid.

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