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this just in_DOW JONES NEWSWIRES
MGM Mirage (MGM) boosted its share offering by 77% and priced a private offering of $1.5 billion in senior secured notes as part of the highly leveraged casino operator's plan to repay debt.
The moves come after the company said Wednesday it planned to sell $2.5 billion in stock and notes and again amended its senior credit facility.
The company, controlled by billionaire investor Kirk Kerkorian, is struggling to pay down more than $14 billion in debt and is considering selling off properties to meet looming obligations.
MGM's shares were recently down 10% at $7.87 in premarket trading, extending a 305 selloff from Wednesday in the wake of the stock-and-note sale. MGM has surged the past two months from a low of $1.81, but remains down 83% in the past year.
The company said Thursday it priced $650 million in 10.375% notes due May 2014 and $850 million in 11.125% notes due November 2017. The notes will be secured by a first-priority lien on all the assets of the Bellagio Hotel and Casino and the Mirage, two of MGM Mirage's key Las Vegas Strip properties acquired early this decade when MGM acquired Mirage.
It also sold 143 million shares - before the offering it had about 277 million outstanding - in its $1 billion public offering. Numerous companies have announced secondary offerings in recent weeks to take advanage of the equity-market rebound, and many of them have ended up boosting the size of their offerings because of high demand.
According to the amended credit pact, the company will repay $750 million in credit-line borrowings, and will have to pay back more if the offerings' proceedings exceed $2.5 billion. It will also buy back all of its 6% senior notes due this year and the 6.5% senior notes of Mandalay Resort Group due this year, in addition to redeeming all of the 7.25% senior debentures of Mirage Resorts Inc. due 2017.
All three major ratings agencies have cut MGM's credit ratings repeatedly in the last few months because of its debt woes. Fitch Ratings said Friday the company was likely to initiate a debt exchange as part of any restructuring plan. MGM has said it plans to unveil solutions on how it will clean up its balance sheet in the next several weeks.
-By Kerry E. Grace, Dow Jones Newswires; 201-938-5089; kerry.grace@dowjones.com
hmm, must be the morphine i'm on,haaa!
40 million people X 1 million dollars. 40 x 1 mil = 40 million, right? i didn't use my toes. lol!
FTK, bottom of uptrend channel reached and turning up again here at 2.11 now. looking for possible top of channel at 3.50. jmo.
CDE, looks like a buy here. bottom of uptrend channel and golden cross about to happen now.
i can see yak feeding his dog grapes, haaa!
that was yesterday land, closed at 20 today.
p.s. NO CHOCOLATE!!!
like alien said, use science diet, it seems to be the preferred by most Vets. i've bred (not personally) collies and boston terriers and thats the most prescribed by top Vets.
CTT, up another 10% today.
hmmmm, quiet here. 8^)
REST OF THE STORY-Nigeria's main armed group gave oil firms operating in the southern Niger Delta 24 hours to evacuate their staff or face being attacked, in a statement released Wednesday.
"Oil companies operating in the region are advised to evacuate their staff within the next 24 hours to avoid them being part of the statistics of an emerging civil war," the Movement for the Emancipation of the Niger Delta, or MEND, said.
"All freedom fighters in the Niger Delta have been placed on alert to defend their positions and unleash a horrible toll on the oil industry and the Nigerian economy," the militants' statement said.
MEND said the Nigerian military Wednesday morning launched attacks on two of its camps in Delta State. In the ensuing battle, two army gunboats were sunk "with several casualties on the side of the army," the MEND statement said.
A spokesman for the special military body in the volatile region, the Joint Task Force, confirmed the face-off Wednesday between the militants and the troops but denied the army lost any men.
"We are aware there was an encounter this morning. They (militants) ambushed our people. We had to defend ourselves. Only two of our soldiers were wounded in the attack. We did not record any casualty at all," Colonel Rabe Abubakar told AFP. "It is sheer propaganda on their part."
On Jan. 30, MEND said it was ending a unilateral ceasefire and threatened to unleash a new wave of violence, but failed to make good on its threat at the time.
The militant group has been behind a wave of attacks on oil installations and kidnappings of foreign oil workers which has reduced the country's oil output by 25%.
They say they are fighting for a fair distribution of oil wealth to local communities in the delta.
OIL!!!! DJ UPDATE: Nigeria MEND: To Attack Oil Companies In Delta
been watchin it all day, want to short,my fingers won't work right.lol
miracles never cease,lol
your AMEROS'S are already printed up ready to go anyway,lol
i don't think they will let it drop, too many orders at around $1mil going thru when it gets close to 89.80
SPY, really big orders holding it up,haa
so true.
if we break down thru 89.80 look for -100 to -200 today.
yep, think u right too.
SPY SUPPORTS= 88.80 then big drop to 86.40 or so
MINES NOT .30
LVWR, delisting from naz in a few days and possibly going to pinks if i'm correct, right?
CTT, reason for uptrend...........................Competitive Technologies Signs Agreement for Sales of Pain Therapy Medical Device
Therapy Medical Device to Selected U.S. Government Agencies
FAIRFIELD, Conn., April 22, 2009 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (NYSE Amex:CTT) announced today that it has signed an agreement with Northville, MI-based Native Energy & Economic Development LLC (Native Energy) granting them exclusive sales rights for selected U.S. Government agencies, including the Department of Veteran's Affairs (VA), the Department of Defense (DOD), and the Indian Health Service (IHS), for CTT's pain therapy medical device. The device, a non-invasive method for rapid treatment of high-intensity oncologic and neuropathic pain, including pain resistant to morphine and other drugs, has FDA 510(k) status for sales in the U.S. CTT continues to review and select distributors representing other U.S. and global markets, including Europe, Asia and Latin America. CTT has exclusive worldwide rights to this device.
"Native Energy provides CTT with an established partner to reach U.S. government agencies that include the wounded warrior and the native American population in their healthcare programs," said John B. Nano, CTT's Chairman, President and CEO. "We believe that Native Energy's experience, contacts and knowledge of these important segments of the population will greatly facilitate sales of the device."
Steven J. Morello, founder of Native Energy, commented, "We welcome this opportunity to improve healthcare available to our veterans and Native Americans, by providing an alternative to harmful drug protocols for pain treatment. This non-invasive treatment, without side effects, will benefit these patients and relieve their pain."
Mr. Nano, added, "The distribution of our device to U.S. government agencies is an important and effective step in CTT's aggressive sales and marketing program. This breakthrough device brings CTT to the forefront in providing a solution to the needs of patients and the improvement of palliative healthcare in both the U.S. and globally. The technology is a prime example of our strategy to connect clinical science to patient care. We believe that revenue and profits from the pain therapy technology will significantly increase CTT's market capitalization."
Contractual minimums for signed distribution agreements have a retail sales value of over $25 million for 2009 and about $50 million for 2010. CTT will share in revenue derived from sales of the device to distributors. Both CTT and its distributors expect sales to exceed contract minimums.
Earlier agreements granted country-exclusive distribution rights to Life Episteme srl for each of 31 countries throughout Europe, Asia, Africa, the Middle East, South America and Oceania, to Excel Life Sciences, Inc. for India, to GEOMC Co., Ltd. for Korea, to AG Healthcare for Malaysia, and to Biogene Pharma Limited for Bangladesh. The U.S. Department of Commerce estimates the world market for medical devices at $248 billion. The United States represents about half that market. In addition to 510(k) status, this medical device has CE certification from the European Union allowing European sales.
Developed in Italy by CTT's client, Prof. Giuseppe Marineo, the device was brought to CTT through the efforts of the Zangani Investor Community(tm). The device, with a biophysical rather than a biochemical approach, uses a multi-processor able to simultaneously treat multiple pain areas by applying surface electrodes to the skin. CTT partner GEOMC Co., Ltd. of Korea, is producing the device commercially for worldwide distribution. For more information on the device, visit www.CalmareTT.com.
The device has been used on over 3,000 patients in Europe, including the Pain Management Center at Tor-Vergata University Medical Center in Rome (http://www.ptvonline.it/uo_ter_ant_ing.asp).
About Competitive Technologies, Inc.
Competitive Technologies, established in 1968, provides distribution, patent and technology transfer, sales and licensing services focused on the needs of its customers and matching those requirements with commercially viable product or technology solutions. CTT is a global leader in identifying, developing and commercializing innovative products and technologies in life, electronic, nano, and physical sciences developed by universities, companies and inventors. CTT maximizes the value of intellectual assets for the benefit of its customers, clients and shareholders. Visit CTT's website: www.competitivetech.net
CONTACT: IR Services, LLC
Johnnie D. Johnson
860 434 2465
jdjohnson@corpirservices.com
sorry, actually was last month news, 4/17. contracts on pain device totaling $25mil for 2009 and $50mil in 2010.
CTT, hell of a move since last post, big news now too.
yep, dats a good one, enjoy it everytime. lol
if he did, he'll be ok soon i imagine.
is this you? lol!
actually i think the meeting is 14-17th unless my invitation is wrong. i'll have to double check with Yak to make sure tho. lol
hmmm, got a point there, shipping related stock? lol
lol, i don't think SIRI was on my shippers screen. 8^)
HAAAA! just like everyone else here, i pretend to not know what that means. lol!
there was ur high on that lil leg up.
have yak send u my address then, lol
the stock that really pissed me off more than any others this yr is PIR! i bought it at .15 for a swing. got restless after watching it go nowhere in 2 days, so i sold it. i think you know what happened on the 3rd day and since then. sic!
i was surprised HRL wasn't bothered at all by the swine flu, maybe they got less hogs.
first it was buy guns, now buy coffee,lol!