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MGM Mirage Trades Down Amid Debt Restructuring Uncertainties
Read more on (click to search):
[MGM Mirage]
[ temporary waiver]
[ loan trading]
MGM Mirage’s loans traded lower today following news the company has obtained a temporary waiver from its lenders to explore debt restructuring options amid a deteriorating liquidity situation. MGM’s term loan was trading at 40-45 Wednesday; Monday the loan was trading at 48-50. There is a lot of buying interest at 40, said one trader, but no one is selling. Expectations of asset sales that would trigger a paydown has holders of the paper waiting for a possible par payoff.
Under the terms of the amendment announced Tuesday the casino giant repaid $300 million of outstanding borrowings against its senior revolving credit facility and accepted an interest rate increase of 100 basis points. In February MGM drew down the ...
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