ITEM 8.01 OTHER EVENTS
On May 19, 2009, MGM MIRAGE (the "Company") announced that it had completed a
public offering of 164.5 million shares of its common stock at $7 per share,
with proceeds of approximately $1.1 billion. In addition, the Company announced
a private placement of senior secured notes; $650 million of 10.375% senior
secured notes due May 2014 and $850 million of 11.125% senior secured notes due
November 2017. In conjunction with these transactions, the company entered into
Amendment No. 6 and waiver to its senior credit facility, which required the
Company to: 1) permanently repay $826 million of the credit facility, and 2)
treat the $400 million in aggregate repayment of the credit facility borrowings
made as a condition to Amendment No. 2 and Amendment No. 5 as a permanent
prepayment of the credit facility borrowings. Other changes were made as a part
of the amendment, including: 1) amending certain financial and non-financial
covenants, 2) allowing the issuance of equity and debt securities of up to
$3.0 billion and the ability to grant liens to secured indebtedness up to
$1.5 billion, 3) amending restrictions in prepayment and redemption of certain
indebtedness, 4) provide that 50% of net proceeds from any future asset sales
would be used to permanently reduce the senior credit facility, subject to any
similar requirements in other debt instruments, and 5) fix the LIBOR margin at
4.00% and the base rate margin at 3.00%.
Based upon facts and circumstances that existed as of December 31, 2008, the
Company had previously disclosed that there was substantial doubt about its
ability to continue as a going concern and the report of the Company's
independent registered public accountant contained an explanatory paragraph with
respect to the Company's ability to continue as a going concern. As a result of
the transactions described above subsequent to December 31, 2008, the Company
has concluded that there is no longer substantial doubt about its ability to
continue as a going concern. Therefore, the Company is providing the information
herein including updated audited consolidated financial statements as of and for
each of the three years ended December 31, 2008 and an updated report of the
Company's independent registered public accounting firm.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(a) Not applicable.
(b) Not applicable.
(c) Not applicable.
(d) Exhibits:
23 Consent of Deloitte & Touche LLP
99.1 Consolidated Financial Statements of MGM MIRAGE
Report of Independent Registered Public Accounting Firm on
Consolidated Financial Statements
Consolidated Balance Sheets - December 31, 2008 and 2007
Years Ended December 31, 2008, 2007 and 2006
Consolidated Statements of Operations
Consolidated Statements of Cash Flows
Consolidated Statements of Stockholders' Equity
Notes to Consolidated Financial Statements
99.2 Management's Discussion and Analysis of Financial Condition and Results of
Operations.