LAS VEGAS (AP) -- Casino operator MGM Mirage said Thursday that it plans a private placement of $350 million in senior unsecured notes due 2018.
MGM, in which billionaire Kirk Kerkorian has a sizable stake, expects to use the offering's net proceeds to lower borrowings under its senior credit agreement and for general corporate purposes.
MGM Mirage has struggled as consumers gamble less during the recession. The Las Vegas-based company reported a $212.6 million second-quarter loss on some large impairment charges and had $12.3 billion in long-term debt as of June 30.
