PRNewswire -- MGM MIRAGE (NYSE: MGM) today announced that it proposes to make a private placement of $1.5 billion in aggregate principal amount of senior secured notes in two tranches due 2014 and 2017, respectively. The Company plans to use the net proceeds from the offering, together with other proceeds, to (i) repay not less than $750 million of the outstanding amount under its senior credit facility, (ii) redeem all of the 7.25% senior debentures due 2017 of Mirage Resorts, Incorporated, (iii) purchase or repay all of the Company's 6.0% senior notes due 2009 and all of the 6.50% senior notes due 2009 of Mandalay Resort Group, tendered in pending tender offers, and (iv) for general corporate purposes.
