Mohegan redeems remaining 8¾% notes

New York, Jan. 30 - The Mohegan Tribal Gaming Authority (Ba3/BB-) said that it redeemed the remaining outstanding $5.2 million principal amount of its 8¾% senior subordinated notes due 2009.

The notes were redeemed earlier in January at a price of 104.375% per $1,000 principal amount redeemed, or at a total cost to the company of $5.5 million, including a total premium of $229,000 and total accrued interest of $19,000.

Mohegan Tribal Gaming Authority, a Native American gaming operator of the Mohegan Sun casino resort in Uncasville, Conn., redeemed the notes using the remaining proceeds from Mohegan's $330 million issue of new 6 3/8% senior subordinated notes due 2009, which were sold last July 1. Most of the proceeds from that sale were used to repurchase the bulk of the originally issued $300 million 8¾% notes in a tender offer which was concluded in July, leaving a small amount of the 8¾% notes still outstanding and awaiting redemption.

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