![]() ![]() and Mirage Resorts, Incorporated in May 2000. MGM MIRAGE acquired TI as part of the merger between MGM Grand, Inc. MGM MIRAGE expects to report a substantial gain on the sale. The parties expect the transaction to close by the end of the second quarter of 2009. The transaction is subject to customary closing conditions contained in the purchase agreement, including receipt of necessary regulatory and governmental approvals. The notes, to be issued by Ruffin Acquisition, LLC, will be secured by the assets of TI and will be senior to any other financing. The purchase price is to be paid at closing as follows: $500 million in cash and $275 million in secured notes bearing interest at 10%, with $100 million payable not later than 175 days after closing and $175 million payable not later than 24 months after closing. Ruffin Acquisition, LLC is wholly owned by Phil Ruffin. MGM MIRAGE (NYSE: MGM) and Ruffin Acquisition, LLC today announced that they have entered into an agreement whereby MGM MIRAGE, through its wholly-owned subsidiary The Mirage Casino-Hotel, will sell Treasure Island Hotel & Casino ("TI") to Ruffin Acquisition, LLC for $775 million. ![]()
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