Mohegan Tribal launches $935 million term loan B at Libor plus 450 bps

By Sara Rosenberg

New York, Sept. 20 – Mohegan Tribal Gaming Authority launched on Tuesday its $935 million seven-year term loan B with price talk of Libor plus 450 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.

The term loan B has 101 soft call protection for six months, the source said.

Commitments are due on Sept. 28.

The company’s $1.4 billion senior secured credit facility (B) also includes a $170 million five-year revolver and a $295 million five-year term loan A.

Bank of America Merrill Lynch, Citizens Bank, Credit Suisse Securities (USA) LLC, SunTrust Robinson Humphrey Inc., Goldman Sachs Bank USA, KeyBanc Capital Markets and CIT Bank are the leads on the deal, with Bank of America the left lead on the term loan B and Citizens the left lead on the pro rata debt.

Proceeds will be used to repay and terminate some existing debt, including an existing credit facility.

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

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