Mohegan Tribal Gaming to launch $100 million term loan on Tuesday

By Sara Rosenberg

New York, May 4 – Mohegan Tribal Gaming Authority is scheduled to hold a lender call at 10:30 a.m. ET on Tuesday to launch a $100 million first-lien term loan due October 2021, according to a market source.

Credit Suisse Securities (USA) LLC and Citizens Bank are the lead arrangers on the deal.

The term loan is non-callable for nine months, then at 50% of the coupon for three months and then at 25% of the coupon for three months, the source said.

Expected term loan ratings are Caa1/B-.

Proceeds will be used to refinance revolver borrowings and for general corporate purposes.

Commitments are due at noon ET on May 11.

In addition, the company is seeking an amendment to its credit facility to revise required maintenance covenants as a result of Covid-19.

Existing consenting lenders will be offered a 25 basis points amendment fee, the source added.

Mohegan Tribal is an Uncasville, Conn.-based operator of gaming and entertainment enterprises.

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