MGM Mirage to Modify Debt for Capital

LAS VEGAS (AP) - MGM Mirage says it'll modify an existing debt
agreement to raise $2.5 billion in capital.

The struggling Las Vegas-based casino operator says proceeds from a public stock offering and a private placement of senior notes will be used in part to pay off some debt.

It says it will buy back notes of Mandalay Resort Group and other debt.

MGM had about $14.4 billion in debt as of March 31.

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