Press Release: Mashantucket Tribe update on gaming debt refinancing

The Mashantucket Pequot Tribal Nation (“MPTN”), owner of Foxwoods Resort Casino®, today announced that it has entered into agreements (the “Purchase Agreements”) with two holders (the “Holders”) of MPTN’s 8.5% Notes who have not tendered their notes in MPTN’s exchange offers for all of its outstanding series of notes (the “Offers”). The terms of each Purchase Agreement provide that MPTN will purchase all of each Holder’s 8.5% Notes on the closing date of the restructuring of MPTN’s debt obligations (the “Closing Date”). The Holders own $34,761,000 and $2.0 million aggregate principal amount of the 8.5% Notes, respectively, and, subject to the terms and conditions contained in the Purchase Agreements, MPTN will purchase the 8.5% Notes for $9.0 million and $0.2 million, respectively, in cash on the Closing Date. MPTN will fund the purchases of the 8.5% Notes from MPTN’s collection account under its existing credit agreement. Following the purchase of the 8.5% Notes as described above and the subsequent immediate cancellation of the purchased 8.5% Notes, each of the requisite thresholds for the exchange offers will be satisfied. MPTN currently expects that the Closing Date will be July 1, 2013.