The biggest winners of this would probably be the bondholders of the MGM Mirage $750 Million 13% Secured Notes of 2013, which were issued in the low 90s two months ago and have a 101% Change of Control put clause. The Notes hit a low of 78 in late November around the time the world was coming to an end and Vik Pandit had dropped his pants while soapfishing in Paulson's company. The annualized return on that investment would likely be in the 60% range. As an added bonus, this will likely further infuriate that one guy on the syndication conference call who almost got into a fight with Dan D'Arrigo for reasons unrecalled.
As is a customary when dealing with rumors of this nature, MGM's and Penn's version of the situation ranged from "no comment" to " just rumors".... but we all know better... And hopefully once the rumored sale closes, we get the gold plated bidets back at CityCenter, cause obviously that is all that is stopping all the newly and oldly minted real estate billionaires and Kuwaiti sheiks from taking the G5 for the weekly jaunt to the Spearmint Rhino.Sphere: Related Content Print this post