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Moody's rates Mashantucket loans B1
Moody's Investors Service said it assigned a B1 rating to Mashantucket Pequot Tribal Nation's proposed $587 million credit facility, along with a Caa1 corporate family rating, Caa1-PD probability of default rating and stable outlook.
The proposed B1 credit facilities, along with several other unrated tranches of restructured debt represent the new debt capital structure that is part of a proposed consensual restructuring between Mashantucket Pequot and its existing debt holders.
The credit facilities include a $10 million 2.5-year revolver, a $20 million 2.5-year term loan C, a $297 million five-year term loan A and a $260 million seven-year term loan B.
Moody's said the ratings are supported by Mashantucket Pequot's good liquidity profile. Despite the expectation of further possible declines in Connecticut gaming revenue, the agency said it still expects the Gaming Enterprise to generate free cash flow after debt service, capital expenditures and cash distribution to Mashantucket Pequot, albeit a small amount.
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