68 Notes to Consolidated Financial Statements NOTE 18 — SUBSEQUENT EVENT Redemption of Senior Notes. In January 2005, the Company announced that it had called all of its outstanding 6.875% Senior Notes due February 2008 for redemption. The notes were redeemed at the present value of future interest pay- ments plus accrued interest at the date of redemption. The Company recorded a loss on retirement of debt of $20 million in the first quarter of 2005. As a result of the redemption of the February 2008 Senior Notes and the repayment of the $300 million 6.95% Senior Notes that matured in February 2005, the Company applied for, and received, release of collateral under its Senior Credit Facility and senior notes. Therefore, the Company’s Senior Credit Facility and senior notes are now unsecured, but are still subject to guarantees by the Company and each of its material subsidiaries, excluding MGM Grand Detroit, LLC and the Company’s foreign subsidiaries.