Business: MGM Plans to Sell $2.5B in Stock, Bonds

MGM Mirage (MGM) revealed plans to sell $2.5 billion in stock and promissory notes with a portion of the revenues being employed to repurchase almost $1 billion in loans maturing in the next six months. The sales could ultimately extract the debt-ridden gaming operator from its severe debt while at the same time taking away the motivation for involuntary asset sales and distressed debt exchanges. read more

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Business: MGM Plans to Sell $2.5B in Stock, Bonds