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for Mirage Acquisition |
| LAS VEGAS, April 13,2000 - 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 Agent. 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. MGM Grand, Inc. is an entertainment, hotel and gaming company headquartered in Las Vegas, Nevada. Statements in this release which are not historical facts are �forward
looking� statements and �safe harbor statements� under the Private Securities
Litigation Reform Act of 1995 that involve risks and/or uncertainties,
including risks and/or uncertainties as described in the Company�s public
filings with the Securities and Exchange Commission.
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James J. Murren President and Chief Financial Officer of MGM Grand, Inc., 702-891-3344 http://www.mgmgrand.com |