MGM Grand Announces $4.3 Billion In Credit Facility Financing

13th Apr 2000

MGM Grand, Inc. (NYSE: MGG) today
announced that it has entered into agreements with a group of banks to provide
$4.3 billion in credit facilities.  The credit facilities are comprised of a
$2.0 billion five-year revolving facility, a $1.0 billion 364-day revolving
facility and a $1.3 billion one-year term loan.  MGM Grand expects to draw on
these facilities in connection with its pending acquisition of Mirage Resorts,
Incorporated (NYSE: MIR).  This completes the commercial bank financing for
the acquisition.

The bank syndication on each of the $2.0 billion and $1.0 billion
facilities was led by Banc of America Securities LLC as Lead Arranger, Bankers
Trust Company as Syndication Agent, Citibank N.A. and Commerzbank AG, as
Documentation Agents, CIBC World Markets, Societe Generale, The Bank of Nova
Scotia, Bank One, NA, Merrill Lynch Capital Corp. and Bear Stearns Corporate
Lending Inc., as Co-Documentation Agents, Comerica Bank, as Co-Agent, Fleet
Bank, N.A., as Managing Agent, and Bank of America, N.A., as Administrative

The one-year term loan was led by Banc of America Securities LLC as Lead
Arranger, CIBC World Markets as Syndication Agent, Societe Generale and
Merrill Lynch Capital Corp., as Documentation Agents, Citibank N.A.,
Commerzbank AG, Bankers Trust Company, Bank One, NA, The Bank of Nova Scotia
and Bear Stearns Corporate Lending Inc. as Co-Documentation Agents, and Bank
of America, N.A. as Administrative Agent.



Recommended for you

Follow Breaking Travel News

Travel Events Calendar

Media Partnerships

Global Restaurant Investment ForumThe Hospitality & Tourism SummitCATHIC
ITB AsiaChina Outbound Travel & Tourism MarketThe Travel Marketing Store
Serviced Apartment SummitWorld Travel MarketIMEX
AHICWTTCRoutes Online
UBM Aviation