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Mohegan Tribal revises OID on $90 million add-on term loan to 99.05
By Sara Rosenberg
New York, July 30 – The Mohegan Tribal Gaming Authority widened the original issue discount on its fungible $90 million add-on term loan to 99.05 from 99.5, according to a market source.
Pricing on the add-on term loan is Libor plus 450 basis points with a 1% Libor floor, in line with the existing term loan.
Citizens Bank is the lead on the deal.
Proceeds will be used to partially refinance the company’s 11% senior subordinated notes due 2018.
Mohegan Tribal is an Uncasville, Conn.-based operator of gaming and entertainment enterprises.
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