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S&P rates Mohegan Tribal Gaming notes CCC+
S&P said it assigned its CCC+ issue rating to Mohegan Tribal Gaming Authority's proposed $500 million senior unsecured notes due 2024.
The authority plans to use proceeds from the notes issuance, along with proceeds from its proposed $1.4 billion senior secured credit facility, to refinance existing debt, including its senior secured credit facilities, 9¾% senior notes due 2021, 11% senior subordinated notes due 2018 and floating-rate notes due 2017, and to pay transaction fees and expenses.
S&P said it plans to withdraw its issue-level ratings on the authority’s rated debt once the proposed transactions close and the existing debt is repaid.
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