Mohegan Tribal Gaming to price upsized $500 million eight-year notes Tuesday, sets talk at 9¾%

By Aleesia Forni

Virginia Beach, Va., Aug. 5 - Mohegan Tribal Gaming Authority plans to price an upsized offering of $500 million of eight-year senior notes, according to a syndicate source.

Price talk is set at 9¾%.

Books close Tuesday at 9:30 a.m. ET, and pricing is expected thereafter.

Additional proceeds will be used to repurchase the company's 11% senior subordinated notes.

The original $425 million deal was postponed last week after it was expected to price on Thursday.

Credit Suisse Securities (USA) LLC, RBS Securities Inc., Goldman Sachs & Co., Credit Agricole CIB, SunTrust Robinson Humphrey Inc., Jefferies LLC, BofA Merrill Lynch and Nomura are the joint bookrunners.

The Rule 144A with registration rights notes will become callable in three years at par plus 75% of the coupon. The notes feature a 101% poison put.

The Montville, Conn.-based owner and operator of gaming properties plans to use the proceeds to refinance its third-lien notes.

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