Kerkorian Takes 10% of $1B MGM Offering

LAS VEGAS-The billionaire's Tracinda Corp. now holds approximately 40% of MGM Mirage Corp. stock, down from 53.8% prior to the offering.

By Brian K. Miller | May 18, 2009 at 06:31 PM

Kerkorian's Tracinda Corp. agreed to purchase 14.3 million shares prior to the offering being priced, according to the SEC filing. At $7, the purchase price was $99.9 million.

Analysts said the offering coupled with a $1.5-billion senior secured note offering should keep bankruptcy off the table for at least a couple of years. Shares of MGM closed the trading day Monday at $8.74, up nearly 14%.

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