Indian Gaming

The Mohegan Tribal Gaming Authority announces debt offer:

The Mohegan Tribal Gaming Authority, or the Authority, announced today that it has commenced a solicitation of consents (the “9.75% Notes Consent Solicitation”) to amend (the “9.75% Notes Proposed Amendment”) the indenture (the “9.75% Notes Indenture”) governing the Authority’s 9.75% Senior Notes due 2021 (the “9.75% Notes”). The Authority also announced today that it has commenced a tender offer (the “Tender Offer”) to purchase for cash any and all of its 11% Senior Subordinated Notes due 2018 (the “Subordinated Notes”) on the terms and subject to the conditions set forth in the Offer to Purchase and Consent Solicitation Statement, dated April 22, 2014, and the related Letter of Transmittal and Consent (together, the “Offer Documents”). Concurrently with the Tender Offer, the Authority is soliciting consents (the “Subordinated Notes Consent Solicitation”) to proposed amendments (the “Subordinated Note Proposed Amendments”) to the indenture governing the Subordinated Notes (the “Subordinated Notes Indenture”), providing for the elimination of substantially all of the Subordinated Notes Indenture’s restrictive covenants and elimination or modification of certain events of default and related provisions contained in the Subordinated Notes Indenture. Holders that tender Subordinated Notes must also consent to such Subordinated Notes Proposed Amendments. Additional details regarding each transaction are set forth below.

Get the Story:
Press Release: Mohegan Tribal Gaming Authority Commences Consent Solicitation to Amend 9.75% Senior Notes Indenture and Tender Offer for Its 11% Senior Subordinated Notes Due 2018 and Related Consent Solicitation (Mohegan Tribal Gaming Authority 4/22)