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Moody’s assigns Mohegan Tribal notes Caa1
Moody’s Investors Service said it assigned a Caa1 rating to Mohegan Tribal Gaming Authority’s proposed $1.175 billion second-lien notes due 2026 and a B1 rating to its proposed amended and extended $263 million first-lien revolver. The rating is under review.
Proceeds along with $49 million of cash will be used to refinance the authority’s $232 million term loan A and $814 million term loan B in full at par, along with $55 million of other debt. The proceeds will also be used to repay $100 million of the $197 million of borrowings under the company’s $250 million revolving credit facility.
Moody’s said although the transaction will be largely neutral in terms of debt and leverage. The review for upgrade and the expected corporate family rating upgrade to Caa1 reflects that the refinancing will help the authority’s liquidity. It will alleviate near-term maturity concerns and eliminate scheduled debt amortization requirements.
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