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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Capricorn Metals Ltd | TG:MGM | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.04 | -1.40% | 2.82 | 2.74 | 2.88 | 2.78 | 2.78 | 2.78 | 1,095 | 22:50:00 |
MGM Mirage (MGM) reported a strong response to its offer to repurchase $1.08 billion of notes maturing later this year as investors look to take advantage of an early participation premium.
Shares rose 2.1% premarket to $7.40. The stock is down 47% this year.
The highly leveraged casino operator is pushing to pay off near-term debt, recently selling $1.5 billion in notes and $1.15 billion in stock to help do so. Chairman and Chief Executive Jim Murren said at the time the sales marked a "new beginning" for the company. He added MGM is well-positioned to continue with the work needed to improve profitability.
Holders of the notes in the tender offer had until 5 p.m. EDT Wednesday to take advantage of the premium, $30 per $1,000 of notes. Those who ultimately tender their notes by the June 10 deadline but didn't do so by Wednesday will get $970 per $1,000 of notes, not face value as the early tenderers will.
By the deadline, 54% of the $226.3 million in notes that mature July 31 were tendered, as were 93% of the $820 million in notes due Oct. 1.
-By Mike Barris, Dow Jones Newswires; 201-938-5658; mike.barris@dowjones.com
1 Year Capricorn Metals Chart |
1 Month Capricorn Metals Chart |
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