Icahn Affiliates Purchasing Senior Secured Loans of Metro-Goldwyn-Mayer Inc. Outside Tender Offer at $0.50 per $1.00 in Principal Amount

NEW YORK, Oct. 27 /PRNewswire/ -- Carl Icahn announced today that his affiliated entities have today been buying Metro-Goldwyn-Mayer Inc. ("MGM") senior secured loans (the "Senior Loans") outside of their previously announced tender and put offers at a purchase price of $0.50 per $1.00 in principal amount.  Mr. Icahn indicated that his affiliates had already purchased a substantial amount of Senior Loans and are seeking to acquire an aggregate of $500 million in principal amount of Senior Loans.  UNLIKE THE TENDER AND PUT OFFERS, PURCHASES ARE NOT CONDITIONED ON ANY MINIMUM AMOUNT BEING ACQUIRED AND PAYMENT WILL BE MADE IMMEDIATELY.  Sellers must be record holders of Senior Loans and must vote against the Spyglass Plan.

Those interested in selling their Senior Loans should call Vincent Intrieri at 212-702-4328.

SOURCE Carl Icahn

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