Mohegan continues refinancing efforts, expects completion 'soon'

By Aleesia Forni

Columbus, Ohio, Aug. 15 - Mohegan Tribal Gaming Authority is still working on refinancing its borrowings debt and hopes have new debt in place "soon," company officials said during Mohegan's third quarter fiscal 2011 conference call.

Company officials said Mohegan's refinancing efforts are incomplete and ongoing.

"Not yet reaching the finish line has not been the result of a lack of hard work, dedication and diligence on the part of our team," said Bruce Bozsum, chairman of the Mohegan Tribal Council. "The board has been involved in all aspects of the refinancing from the beginning. We continue to be optimistic that we will complete the refinancing process soon."

Blackstone Advisory Partners is assisting Mohegan.

"As these efforts are ongoing, we have no further comments at this time," said Mitchell Etess, chief executive officer of Mohegan.

The company reported adjusted EBITDA of $83.2 million, an increase of 19.9% compared to third quarter fiscal 2010.

The company also reported $479 million drawn on the company's $675 million bank credit facility.

Mohegan has borrowing capacity under its bank credit facility of roughly $122.9 million.

At the end of the quarter, the company held cash and cash equivalents of $65.7 million.

The company reported total debt at the end of the quarter of $1.59 billion.

The company reported net income of $29.1 million, an increase of 150.9% over the previous year, due to higher table game revenues and a continued focus on expense management.

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

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