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Mohegan agrees to swap $475 million of 2024 notes for new 2027 notes
By Marisa Wong
Los Angeles, Nov. 30 – Mohegan Tribal Gaming Authority announced it entered into an agreement on Tuesday providing for the exchange of about $475 million of its outstanding 7 7/8% senior notes due 2024 held by an existing investor and its affiliates for about $500 million of new 13¼% senior notes due Dec. 15, 2027.
Mohegan will exchange each $1,000 principal amount of old notes for $1,052.63 principal amount of new notes, plus accrued interest.
The exchange agreement provides for settlements in December and January 2023.
Under the exchange agreement, the investor has agreed to deliver to the trustee for the old notes a written consent providing for, among other things, the amendment of some covenants governing the old notes, subject to the initial settlement of the notes exchange, and the elimination of substantially all of the restrictive covenants and some events of default contained in the indenture governing the old notes, subject to the final settlement of the notes exchange.
Formerly doing business as Mohegan Gaming & Entertainment, Mohegan Tribal Gaming is an Uncasville, Conn.-based owner, developer and manager of entertainment resorts in the United States, Canada and Northern Asia.
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